AN EGYPTIAN delegation is in Cyprus as part of a worldwide effort to find and recover millions of euros worth of assets siphoned from the state under the 30-year regime of ex-president Hosni Mubarak.
The four-member delegation met with officials from the Justice Ministry and Unit for Combatting Money Laundering (MOKAS) on Friday while spending yesterday with lawyers handling local court cases on their behalf. They are due to return today to a waiting Egyptian media that has been following their efforts intensely since the search began a year ago for Egypt’s missing millions.
Proceedings have already been launched in Cyprus against four companies, with the Egyptian authorities seeking disclosure of documents that could help them identify any links to key figures of the former regime and of course, any recoverable assets. …
Cyprus is the fifth European country visited, after Spain, Switzerland, UK and the Netherlands. In February 2011, just a month after the revolution that toppled Mubarak, the Egyptian Justice Ministry set up the Judicial Committee of Asset Recovery to start work tracing the foreign assets of 19 key figures in the regime.
Already, Switzerland has frozen around 410 million Swiss Francs (over €340m), which Egypt is in the process of getting back while a further £85m Sterling (€105m) has been frozen in the UK. The aim now is to recover those assets and find the rest.
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