Accessibility links

Switzerland Freezes Mubarak Assets

Former Egyptian President Hosni Mubarak (file photo)

Former Egyptian President Hosni Mubarak (file photo)

Switzerland has frozen assets that may belong to Hosni Mubarak, who stepped down as president of Egypt Friday, after 30 years of rule.

Swiss officials say the order will be in effect for three years, but gave no details on how large the fortune is or where the assets are located. The order is supposed to prevent any misappropriation of Egyptian state property.

Foreign experts have estimated that the Mubarak family fortune may be worth between $40 billion and $70 billion.

Allegations of corruption were one of the reasons demonstrators gave for their demand that Mr. Mubarak leave office.

Switzerland has been trying to change its image as a haven for ill-gotten assets, and earlier froze accounts of Tunisia's former president Zine al-Abidine Ben Ali and Ivory Coast's Laurent Gbagbo.

Mr. Ben Ali was ousted from office by widespread street protests that inspired the revolt that drove Mr. Mubarak from power. Mr. Gbagbo has refused to step down after an election which most of the international community says he lost.

Timeline of former Egyptian President Hosni Mubarak

Some information for this report was provided by AP, AFP and Reuters.