Swiss identify nearly $1bn assets to freeze

2011-05-03 09:50

Geneva - The Swiss government says it has identified potential assets to be frozen worth 830 million Swiss francs ($957m) belonging to Libyan strongman Muammar Gaddafi and the ousted presidents of Egypt and Tunisia.

Foreign Minister Micheline Calmy-Rey, speaking at a diplomatic meeting in the Tunisian capital Tunis, said on Monday that the assets include 360 million Swiss francs ($415m) that may belong to Gaddafi or his entourage.

She said Switzerland had also linked some 410 million francs ($473m) to former Egyptian President Hosni Mubarak and 60 million francs ($69m) to Tunisia's deposed autocrat Zine El Abidine Ben Ali.

Switzerland has ordered banks and other financial institutions to freeze possible assets belonging to the three men and their key supporters to prevent the funds from being secretly withdrawn. The Swiss government has said that Tunisia and Egypt have already started legal proceedings to claim the assets.

The government added that neither country has provided the necessary evidence of possible criminal wrongdoing involving the money to start unblocking the frozen assets of the ousted presidents.

Switzerland froze assets linked to Ben Ali and 40 people in his entourage on Jan. 19, less than a week after he was toppled by popular revolt. On Feb. 11, Switzerland froze assets of Mubarak and his associates.

The Swiss government sent diplomatic cables to Tunisia and Egypt in late March explaining that they must submit evidence so authorities can decide if the offenses are punishable in Switzerland.

In both cases, the money will remain locked away for three years while the two countries satisfy the Swiss legal requirements.

  • MuAfrica - 2011-05-03 10:44

    what about freezing the assets of our friend north of the boarder and also those of the king in the little kingdom?

      Wouter - 2011-05-03 14:32

      They did freeze Mugabe's assets quite a while back.

  • Julius - 2011-05-03 13:01

    The Swiss should hang their heads in shame. Bankers to the worlds thieves.

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