News24

UK 'fails to freeze' Mubarak-era assets

2012-09-03 11:24

Cape Town - The British government is failing in its commitment to freeze assets of the regime of former Egyptian leader Hosni Mubarak, the BBC reported on Monday.

Documents which are available to the public have revealed property and companies linked to key figures in the Mubarak circle that have remained unaffected by sanctions.

Egyptian officials have accused the UK of hiding stolen wealth and breaching international anti-corruption accords.

But the UK maintained it was doing as much as it could to trace the funds.

Reports that Mubarak and his inner circle stole tens of billions of dollars helped fuel the revolution which overthrew him on 11 February last year.

Three days later, UK foreign secretary William Hague told parliament that the UK would co-operate with an Egyptian government request to freeze the assets of several former officials.

But it was a further 37 days before Britain and other EU states applied the sanctions - during which time Egypt says the accused officials were able to move their money elsewhere.

About £85m of assets belonging to Mubarak, his wife, two sons, and 15 other Egyptians have now been frozen in the UK.