Swiss banks disclosing Mubarak assets to authorities

The Swiss authorities said they had begun to detail the assets of Hosni Mubarak in the country as it prepares for the likelihood that a new Egyptian government would allege his wealth was improperly obtained.

Swiss banks are beginning to disclose assets of Hosni Mubarak. AFP PHOTO / ATTILA KISBENEDEK

Western governments are clamping down on the assets of Hosni Mubarak and his family just four days after he stepped down from power.

A spokesman for the Switzerland foreign ministry said today that Swiss banks had begun disclosing to the government the assets of Mr Mubarak and his "entourage".

"That's all I can say about the subject," he told Bloomberg, declining to give a figure.

The Swiss government had frozen "any potential assets" belonging to Mr Mubarak and ten members of his family and "associates" last week, following a similar move it made against Tunisia's ex-president Zine al-Abidine Ben Ali and his entourage after he was forced out of power in January.

Billions of dollars are believed to have been amassed by the Mubarak family and businessmen connected to them during the 30 years Hosni Mubarak ruled Egypt, although no official accounts of their wealth exist.

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EFG Hermes, Egypt's largest investment bank, said in a statement on Monday that Mr Mubarak's son Gamal has owned 18 per cent of EFG Hermes Private Equity since 1997. The fund has US$919 million under management. Few other assets have been publicly identified.

The aggressive measures from the Swiss government are part of a broader attempt to improve the image of the country's famously secretive banking system.

Swiss President Micheline Calmy-Rey said Switzerland had to ensure it was not a haven for "dirty money" in an interview with the country's newspaper NZZ am Sonntag.

"It cannot be that right at our door some people embezzle state funds and put them into their own pocket," she said.

European powers were also weighing decisions to freeze the assets of Mr Mubarak and his family, but were waiting for an official request to be made from Egypt.

"We are in contact with the Egyptian authorities. We will take appropriate measures if this issue comes up, when necesssary," said Catherine Ashton, a spokeswoman for the European Union foreign policy chief, according to reports.

Egypt had also requested the US, France, Germany and the UK to freeze the assets of several former Egyptian politicians, who have not yet been revealed.

EU finance ministers were expected to discuss the requests from Egypt to freeze assets yesterday, but gave signs they were willing to cooperate.

A spokesman for Prime Minister David Cameron added that any action should come as part of an international arrangement, according to reports.

"As I understand the situation on asset freezing, there has to be some international effort... and a request has to be made" by the Egyptian authorities, the spokesman told reporters.

With agencies