Egypt Freezes Mubarak’s Assets

Liz De La Torre

It took eighteen days of political upheaval, social hysteria, and international unrest for Hosni Mubarak to abdicate his presidency of Egypt on Feb.11. For Egypt, the reign of “La vache qui rit,” as civilians mockingly called him, is over. In fact, to reinforce this, the nation banded together to contact other nations such as Switzerland and France to freeze his assets overseas.

In keeping with that, the U.S. and France have cautioned banks to be wary of transactions concerning Egyptian dignitaries associated with political affairs. The assets, which already have been frozen in Egypt, remain untouchable to Mubarak and his family which consists of his wife, two sons, and two daughters-in-law. Furthermore, six officials from the Mubarak regime, investigated for money laundering allegations, have also been short of rights to their financial assets.

Inquiry into Mubarak’s wealth, which is estimated from one billion to $70 billion, followed after complaints by citizens and ruling parties that the Mubarak regime was corrupt. As maintained by insiders, business magnates and superior officers were given land contract privileges and significant discounts on industries that were sold at a “fraction of their value.” According to EgyNews, Mubarak’s attorney cited Hosni Mubarak as a victim of character assassination with “baseless rumors….an attempt to cause damage to his reputation and his integrity.”

Activists lobbying for a repeal of the Emergency Law, a discharge of political prisoners, free election, discontinuing laws on political parties, and a government free from Mubarak loyalists cited more protests if these pleas were neglected. The Military Council has already suspended the constitution, but has yet to consider how to move forward with “reform and not repression,” at the behest of British Prime Minister David Cameron. As of now, Mubarak is thought to be hiding out at the Red Sea resort of Sharm el-Sheikh.