Switzerland freezes Mubarak assets

The Swiss government has frozen any assets belonging to former Egyptian President Hosni Mubarak or his family in Switzerland.

Foreign Ministry spokesman Lars Knuchel said the order to block any bank accounts takes effect immediately but gave no details on the family’s assets.

He spoke as pro-democracy demonstrators in Cairo were jubilantly celebrating the announcement that Mr Mubarak has resigned after nearly three decades of authoritarian rule and handed power over to the military.

Swiss Finance Minister Widmer-Schlumpf was asked earlier this week by Swiss national TV station SF whether Mr Mubarak or his family had any money in Switzerland.

“We don’t have any very clear indications that anything is here, but of course we’re in the process of clarifying this and we’ll act appropriately,” she said.

She said the Foreign Ministry was investigating the matter.

At the end of 2009, Egyptian deposits in Swiss bank accounts totalled 3.6 billion Swiss francs (€2.7bn), according to the Swiss National Bank.