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Switzerland freezes $367 mn of Mubarak sons' assets: report

Published on Dec 30, 2012 11:44 PM

GENEVA (AFP) - Swiss authorities have frozen US$300 million (S$367 million) sitting in Credit Suisse accounts in Geneva held by the sons of deposed Egyptian president Hosni Mubarak, the newspaper Le Matin Dimanche reported on Sunday.

The funds are held in accounts belonging to Alaa and Gamal Mubarak, sons of the ex-president who are currently being held in an Egyptian prison.

The brothers are accused of using their position as scions of Egypt's longtime ruler to help themselves to villas, luxury cars and stakes in the country's key companies.

According to the newspaper, the funds were deposited at the Credit Suisse in 2005, which was after Switzerland tightened rules governing transactions by politically exposed depositors.

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