Spain Seizes Hosni Mubarak’s Assets
Spanish police have seized more than $36.5 million in assets owned by former Egyptian president Hosni Mubarak, along with people close to him.
The decision came after Egypt made an international request to block the former president’s assets, including properties in Marbella beach and luxury cars, which are owned by 130 people associated with Mubarak’s rule, reports Al Jazeera.
Some of the properties seized include two houses in La Moraleja (an affluent Madrid neighborhood) and seven properties in the Mediterranean beach resort called Marbella. A Spanish government statement explained, according to The Telegraph:
“The assets could be the proceeds of crimes such as the embezzlement of public funds, corruption, or the illegal enrichment committed during his mandate.”
Mubarak’s rule ended when he was ousted in February of 2011. He has since been sentenced to life in prison for his role in the deaths of more than 800 anti-government protesters. He is currently being held in a military hospital, because of continued health problems.
Along with asking that assets in Spain be seized, Egypt has used the UN anti-corruption conventions to ask several other countries in Europe and elsewhere to locate and seize the assets of Hosni Mubarak, as well as people who are associated with him. Along with Spain’s response, Switzerland has also frozen assets worth up to $441 million, which have been linked to the former president.
Along with Mubarak and his family, assets of former members of the government and business people who are supposedly tied to the former Egyptian president were seized. It is not clear what authorities will be doing with the assets.