Diplomatic sources at the Swiss embassy in Egypt commented on the Swiss action to freeze $340 million in assets belonging to the two sons of former Egyptian President Hosni Mubarak, Gamal and Alaa Tuesday. From these procedures, they stated Egypt would be exempt from providing evidence related to the funds in question, as long as evidence proves the involvement of the defendants in illegal actions. Sources said that Switzerland would not go further into the details of each frozen person's assets. They confirmed that there are already investigations conducted by Swiss public prosecutors into the possibility that the Mubarak family participated in money laundering or other illegal actions. Swiss authorities are investigating Alaa Mubarak and some Egyptian businessmen for financial violations and money laundering, announced legal advisor Assem el-Gohary at a press conference Monday. Money laundering is illegal under article 260 of the Swiss Penal Code. Gohary said a committee is seeking to recall the funds in question on behalf of the Egyptian government who filed a request through a Swiss law firm. Gohary revealed evidence ensuring that Alaa and Gamal have deposits estimated at $340 million (2 billion EGP) in Swiss banks. $300 million (1.8 billion EGP) is attributed to Alaa Mubarak. Sources said that Swiss laws allowing the recall of frozen money before a court verdict could not be applied in Egypt's case. That law is only applied in case of the collapse of the state institutions, where money is recalled back in the form of projects.
