Failed recovery: How Switzerland released the funds of a famous Egyptian crony

Source: Egyptian Initiative For Personal Rights
Author(s): Osama Diab, Olivier Longchamp

Original Link:

Executive Summary

On February 11, 2011, Egyptian President Hosni Mubarak resigned. A key factor in the Egyptian revolution, which brought him down, was the huge volumes of money amassed by him, his entourage, and officials of the former regime throughout their lengthy and undemocratic reign. On the streets, Egyptian demonstrators sung chants such as “Mubarak, how did a pilot make USD 70 billion?” when an article published in The Guardian in the UK estimated the size of Mubarak’s fortune. The sheer size of the estimates was seen as proof that the money had simply been stolen. The end of the Mubarak regime raised huge hopes among the Egyptian population that this money would quickly be seized, returned, and used for the public good. The same year, 2011, in Egypt, many initiatives emerged to trace these assets and to recover them. Media, civil society, and even government were buzzing with talk of Mubarak’s loot and corruption…

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