Switzerland releases $430 million for Alaa and Gamal Mubarak

Switzerland releases $430 million for Alaa and Gamal Mubarak

Swiss prosecutors closed a decade-long investigation, without bringing any charges, into allegations of money laundering and organized crime linked to circles close to former Egyptian President Hosni Mubarak, and announced the release of about 400 million Swiss francs ($430 million) frozen in Swiss banks.

The Swiss Public Prosecutor's Office said, on Wednesday, that the information received in the framework of cooperation with the Egyptian authorities was not sufficient to support the allegations that emerged in the wake of the 2011 protests that toppled Mubarak's three-decade rule.

The Swiss investigation targeted allegations that Swiss banks were used to deposit illegal funds for 14 people, including Mubarak's two sons, in addition to dozens of other individuals and entities with assets totaling about 600 million francs.

Prosecutors said they had not received a response to a request for information from "committees" set up in Egypt to analyze remittances linked to people under investigation in Egypt, particularly the Mubarak family, the office said.

He added, "As a result of the lack of evidence regarding possible crimes committed in Egypt, it cannot be proven that the funds in Switzerland were from an illegal source. Therefore, suspicion of money laundering cannot be established based on the information available."

Mubarak's two sons, Alaa and Gamal, welcomed the decision, saying it brought them complete acquittal.