Cairo, Egypt -  Egypt's Giza Criminal Court on Thursday supported the decision of the Illicit Profiteering Authority (IPA) to freeze assets linked to the family of ousted Egyptian President Hosni Mubarak. The Court also supported the decision to freeze assets belonging to the family of Gamal Abdel-Aziz, Mubarak's secretary, as well as those of the sons and grandsons of the fleeing business tycoon Hussein Salem, who was a close friend of Mubarak.

The Court decision came after revelations by Egyptian officials that Mubarak, his wife and his tow sons, still had US$ 340 million in Swiss banks.

The majority of the amount - some US$ 300 million - was reportedly held in the name of Alaa, Mubarak's eldest son, who had very little of a political role, unlike his younger brother, who was long perceived as the most likely successor to his ousted father.

According to Egyptian officials, Swiss authorities are undertaking judicial investigations against members of Mubarak’s family, following allegations of money laundering and of forming a 'criminal gang organisation'.

Pana 28/10/2011