Swiss authorities close investigation into syphoned money of Mubarak regime figureheads

Swiss authorities close investigation into syphoned money of Mubarak regime figureheads

The office of the Attorney General of Switzerland (OAG) announced on Wednesday that it closed investigations related to the ‘Egyptian Revolution’ over suspicion of money laundering conducted against five suspects.

Since 2011, OAG has been conducting criminal proceedings related to the 2011 ‘Egyptian Revolution’, its key case arising from the Arab Spring.

“Despite the numerous enquiries and having transferred CHF 32 million to Egypt in 2018, the OAG must now accept that the investigation has been unable to substantiate suspicions that would justify the indictment of anyone in Switzerland or any forfeiture of assets,” OAG said in a press release.

It added that “the proceedings, currently being conducted against five suspects, are therefore to be abandoned, and the assets still under seizure (amounting to around CHF 400 million) will be released.”

OAG has since 2011 been conducting an investigation into suspicions of money laundering and supporting and/or participating in a criminal organisation in connection with events surrounding the ‘Egyptian Revolution’ in 2011.

This complex and extensive criminal case initially involved 14 suspects, including the two sons of the ousted president Hosni Mubarak (Gamal and Alaa Mubarak), as well as 28 natural persons and 45 legal entities who, as third parties, hold assets that have been