13 December 2012

Egypt: Spain Seizes Assets Owned By Nation's Mubarak

Madrid — Police in Spain say they have seized assets linked to former Egyptian leader Hosni Mubarak worth some 28m euros (£23m; $34m).

Egypt had asked Spain to track down assets in the country belonging to the former president and more than 100 people with ties to him, including family members, people who held high-level posts in his government and business leaders.

Spain's Interior Ministry said that some 18.4m euros in financial products have been frozen in Spanish banks.

Mubarak's properties include two houses in La Moraleja, a wealthy neighborhood of Madrid, seven properties in the Mediterranean beach resort of Marbella, financial products in three banks and also luxury vehicles, the Ministry said in a statement.

"The assets could be the proceeds of crimes such as the embezzlement of public funds, corruption or the illegal enrichment committed during his mandate," police said.

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