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Cyprus Internet Directory [ Around €1 million in Egyptian assets frozen ]

Around €1 million in Egyptian assets frozen

THE AUTHORITIES have frozen around one million euros in assets on the island as part of an ongoing investigation into the financial irregularities of members of the former regime of Egyptian ex-president Hosni Mubarak, Justice Minister Loucas Louca said yesterday. 

Speaking to the state broadcaster, Louca said all countries of the Arab Spring, including Tunisia, Libya and Egypt, have requested legal assistance from Cyprus, either directly or through the EU, to locate funds that longstanding dictators had siphoned from state coffers over a long period of time. 

The Unit for Combatting Money Laundering (MOKAS) and the Justice Ministry undertake the task of searching for these assets in Cypriot banks and companies believed to be associated with the overthrown Arab regimes 

“We are not making our own unchecked investigations. Specific requests come to us from each country. MOKAS is responsible for dealing with the issue,” said Louca. 

“It is an investigation to locate assets in banks but it is not so simple. We need to check the Registrar of Companies to see if there are companies registered in the names of these people and check their accounts too,” he added. 

A four-member Egyptian delegation came to Cyprus last week for talks with the Cypriot authorities on the investigation into senior figures linked to the Mubarak regime, including the former president and his family. 

The delegation met with MOKAS and the Justice Ministry to discuss ways to progress with the investigation, while Egyptian Ambassador to Cyprus Menha Mahrous Bakhoum confirmed to the Cyprus Mail that proceedings have already begun against four companies in Cyprus, seeking disclosure of their documents. 

As a result of the investigation into Cyprus-based companies with potential links to the former regime, Louca yesterday confirmed that “around one million euros has been frozen so far” in an account of one person included on the Egyptian list of suspects. 

“But the investigations are not over... certainly we will find more money,” said the minister.   



(Source: Cyprus Mail)
Copyright © Cyprus Mail 2008 Please contact Cyprus Mail for the copyright terms of this article.



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