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Hosni Mubarak

Hosni Mubarak

Spanish police yesterday seized more than 28 million Euros (£22.7 million) in assets belonging to former dictator Hosni Mubarak, from the mainland and island resorts.

International authorities saw Egypt enlist the help of Spain to freeze Mubarak’s assets under a UN anti-corruption convention, which called for the reclaiming of assets from 130 people associated with Mr Mubarak’s regime. Arabic translation services report that Mubarak’s astonishing amount of assets from his dictatorship lasting 23 years, were funded by corruption, crime and embezzlement of public money.The Egyptian leader was overthrown in February of last year following a brutal revolution, in which 900 people died, and a further 6000 were seriously injured. Mubarak, 84, currently resides in prison serving a life sentence for the unlawful killings of anti-government protesters, which he ordered during the Arab Spring uprising.

18.4million Euros in financial assets have already been frozen in Spanish banks, and police have seized nine properties in Madrid and Marbella worth more than 10 million Euros, and five expensive cars.

In Switzerland, $441million was frozen on account of the connection with Mr Mubarak, as well as a further £85 million of assets in the UK.

During the revolution it was reported that, together with his inner circle, Mubarak stole billions of dollars to try and turn the revolution in his favour.

Hosni Mubarak apparently used the revolution to his advantage to cover his tracks while his government helped relocate 5 billion dollars from his regime into assets overseas.

UN authorities continue to search for more of Mubarak’s assets, which are believed to be tied up in companies throughout the UK.

Source: BBCThe Wall Street Journal AljazeeraThe Telegraph