Over the last 20 years, former Egyptian President Hosni Mubarak, his family and close circle of advisers enriched themselves through partnerships in powerful Egyptian companies, profiting from their political power and illicit enrichment from public money, according to numerous reports.
Evidence shows that their wealth—obtained from illegal activities—was deposited or invested not just in Egypt, but also abroad in countries such as France, Switzerland and Spain.
MONEY – While the illicit nature of the activity makes it difficult to determine a precise figure, estimates indicate his family has a net worth of at least $5 billion, with some media reports pegging the family fortune at between $40 and $70 billion. Switzerland alone has frozen $650 million.
REAL ESTATE/PROPERTY – The Mubarak family reportedly owns properties around the world, from London and Paris to New York and Beverly Hills. In addition to homes in the Red Sea resort of Sharm al-Sheikh and the upscale Cairo district of Heliopolis, they also have a six-story mansion in the Knightsbridge section of London and a house near the Bois de Bologne in Paris.
LUXURY PRODUCTS – In Spain alone, 28 million euros have been frozen: 2 properties in Madrid, 7 in Marbella (Malaga) and 5 luxury cars.
What happens if that money is returned?
The return of confiscated assets is of symbolic and practical importance and the recovery of assets can serve several purposes.
First, it demonstrates the consequences of corruption and that stolen assets cannot be hidden.
Second, asset recovery and repatriation provides justice for victims by providing essential resources for the financing of public services and investments in infrastructure and other programs aimed at enhancing social and economic development.
Finally, a transparent process is the most efficient, just and accountable way to ensure the return of stolen assets to their rightful owners by providing much-needed funding for social programs and infrastructure development.