After 11 years of extensive money laundering investigation targeting former Egyptian President, Hosni Mubarak and his associates, Swiss prosecutors have finally announced a decision to drop the charges.
Additionally, the country will unfreeze an amount of $430 million which was held since the allegations were tabled for investigation.
In a statement, the Office of the Attorney General “despite the numerous enquiries and having transferred 32 million Swiss francs to Egypt in 2018, the Office of the Attorney General (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.”
The landmark decision was premised on the April 6th ruling by the European Union General Court which annulled the sanctions against Mubarak and his family by the European Union. The court’s ruling also came with the release of assets that have been held down over the years.
The European Union court further ruled that, the sanctions against ex-President Mubarak and his family were unlawful. Therefore, there has been an order that the legal fees of the Mubarak’s family be paid by the council of the EU.
In response to the court ruling, Hosni Mubarak’s son, Gamal said, “today’s decision by the Swiss Federal Prosecutor’s Office, after more than a decade of intrusive investigations, sanctions and mutual legal assistance proceedings, validates the position we have held all along.”
Gamal further stated that their family’s assets and activities have always been legal and legit, of which the Egyptian authorities have always been aware of. “The decision marks an important step in our efforts to assert our rights and prove our innocence from the flagrantly false allegations leveled against us over the past 11 years.”
The investigations for money laundering started way back in 2011 as a result of buildup of events degenerating into series of protests which ended up toppling the regime of Egyptian president, Hosni Mubarak. Since then, assets of the Mubaraks and some close members of his government were frozen by the Swiss government.
According to the Office of the Attorney General, many Egyptian were involved in the Swiss inquiry including 2 of Mubarak’s sons and other 28 people as well.