Swiss prosecutors are concluding without any charges a decade-long investigation into alleged money laundering and organized crime linked to late former President Hosni Mubarak’s circles in Egypt, and will release some 400 million Swiss francs ($430 million) frozen in Swiss banks.
The office of the Swiss attorney general said Wednesday that information received as part of cooperation with Egyptian authorities wasn’t sufficient to back up the claims that emerged in the wake of Arab Spring uprisings in 2011 that felled Mubarak’s three-decade rule.
A Swiss investigation into claims that banks in Switzerland were used to squirrel away ill-gotten funds had originally targeted 14 people, including Mubarak’s two sons, as well as dozens of other individuals and entities that had assets totaling some 600 million francs frozen.
More than 210 million francs were already released in an earlier phase of the case, which also could not substantiate the allegations, and Wednesday’s announcement means about 400 million more will be “released and returned to their beneficial owners,” the attorney-general’s office said.
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