Federal Council orders freezing of any assets of Egypt

Bern, Press release, 11.02.2011

The Federal Council has decided to freeze any assets in Switzerland of the former Egyptian President and parties close to him with immediate effect in order to avoid any misappropriation of Egyptian government assets. At the same time the Federal Council is appealing to the parties in charge in Egypt to quickly respond to the legitimate demands of the Egyptian people in a credible, participatory and transparent manner.

Violence and mass riots have claimed many lives in Egypt. President Hosni Mubarak resigned today after weeks of mass protest.

The Federal Council has taken note of this development. Any assets of the former Egyptian President Mubarak and parties close to him that may be located in Switzerland have been frozen with immediate effect. In addition, the sale or disposal of any assets, in particular real estate, of these persons is forbidden. In this way the Federal Council is taking all the measures required to avoid any misappropriation of government assets. The relevant ordinance enters into force today and is valid for three years.

Switzerland  is appealing to the parties in charge in Egypt to quickly respond to the legitimate demands of the Egyptian people in a credible, participatory and transparent manner. All parties involved should now cooperate peacefully and constructively in the best interests of the country.  This is the only way in which state structures and institutions can be established that will guarantee sustainable peace, security, freedom and democracy in Egypt and ensure economic prosperity.

Switzerland also extends its deepest condolences to the families of the victims of the mass riots in Egypt in the last weeks.


Further information:

Link to Ordinance


Address for enquiries:

Information FDFA
Bundeshaus West
CH-3003 Bern
Tel.: (+41) 031 322 31 53
Fax: (+41) 031 324 90 47
E-Mail: info@eda.admin.ch


Publisher:

Federal Department of Foreign Affairs