Calls to freeze Mubarak family’s overseas assets

EGYPT’S top prosecutor requested yesterday the freezing of the foreign assets of ousted president Hosni Mubarak and his family.

Security officials said the prosecutor general asked the Foreign Ministry to contact countries around the world so they can freeze his assets abroad.

His domestic assets were frozen soon after he stepped down, they added.

The freeze applies to Mubarak, his wife, two sons and two daughters-in-law.

Egyptian state media on Sunday had quoted Mubarak’s legal representative as saying the former president had submitted to authorities a declaration that he had no assets abroad. The former president is believed to be residing in his estate at the Red Sea resort of Sharm el-Sheikh.

Egypt has so far asked for asset freezes of one top businessman and former ruling party official, as well as four former Cabinet ministers and detained them pending investigations.

The Mubarak’s family’s wealth — speculation has put it at anywhere from $1 billion to $70bn — has come under growing scrutiny since Mubarak’s February 11 ousting opened the floodgates to three decades of pent-up anger at the regime.

Watchdog groups allege under Mubarak, top officials and tycoons were given preferential treatment in land contracts, allowed to buy state industries at a fraction of their value during Egypt’s privatisation process launched in the early 1990s, and got other perks that enabled them to increase their wealth exponentially.

The perks came at a price — and the Mubaraks were major beneficiaries, the activists say.