Switzerland freezes $ 1 billion in goods Gaddafi, Mubarak and Ben Ali

Switzerland freezes $ 1 billion in goods Gaddafi, Mubarak and Ben Ali

Zurich : Switzerland | May 24, 2011 at 11:25 AM PDT
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Crisis in the Middle East and North Africa - PSA

Switzerland said it had frozen about $ 1 billion in assets belonging to Libyan leader Colonel Muammar Gaddafi, and deposed the presidents of Egypt, Hosni Mubarak and Tunisia's Ben Ali

The Foreign Minister of Switzerland, Micheline Calmy-Rey said that the authorities announced the discovery of a total of 830 million francs - the equivalent of U.S. $ 960 million - in assets belonging to the three Arab leaders.

Most of that figure, a total of 410 million francs, belong to Mubarak and his inner circle, she said.

Another 360 million francs belong to Colonel Gaddafi and senior figures from his regime.

An amount of 60 million francs would be owned by the deposed leader of Tunisia, Zine al-Abidine Ben and his minions.

Property and money

The Minister Calmy-Rey has revealed these amounts during a conference in Tunisia, where she is conducting a three-day visit.

According to the proprietor of the Swiss Foreign Ministry,''these amounts are frozen in Switzerland by Swiss government order, as they relate to potentially illegal possessions kept in the country.''

''This is not just about money, these assets are linked to properties,''she said.

Switzerland initial root ordered that the assets of Ben Ali and Mubarak were frozen after they were overthrown in popular uprisings in January and February.

The property of Colonel Gaddafi and his minions were blocked in February after he ordered the violent repression of opposition protests.

But the Swiss authorities have only now released details of the goods that they found and blocked.

The new governments of Egypt and Tunisia contacted the Switzerland to recover these amounts.

But neither country has offered evidence that the money was obtained illegally, so that Switzerland can release it.

There were no discussions with Libya, where Colonel Gaddafi remains in control of the country, amid great popular rebellion and the rebels have taken control of a vast region in eastern Libya.

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Switzerland has ordered a freeze on assets belonging to Mubarak
Switzerland has ordered a freeze on assets belonging to Mubarak
Abdel Fattah Hussein is based in Cairo, Kairo, Egypt, and is a Reporter on Allvoices.
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