Switzerland’s law department has ended an 11-year investigation into alleged money laundering by Egyptian authorities in connection with the Arab uprisings. The Swiss prosecution was investigating money laundering by Egyptian officials during the Arab Spring.
A statement issued by the Swiss Attorney General’s Office (OAG) yesterday said that despite numerous investigations and the transfer of 32 million Swiss francs to Egypt in 2018, they now have to admit that they have these suspicions. Failing to prove that a person in Switzerland can justify indictment or confiscate their assets.
The Swiss investigation began in 2011 following incidents involving anti-government protests in Egypt. The Arab Spring protests overthrew the long-ruling Egyptian government of President Hosni Mubarak.
The statement also said that the remaining 400 million Swiss francs (کروڑ 429 million) would be released to Egypt, which was considered a suspect and frozen until the investigation was completed. According to the statement, investigations against the five suspects were ongoing.
The complex and lengthy criminal trial initially involved 14 suspects, including two sons of former President Hosni Mubarak. Apart from them, 28 other persons and 45 legal entities were also identified in the case and their assets were confiscated.
The real suspects are believed to have used Switzerland to launder illicit money or money laundering through corruption, most of whom held government or key economic positions in Egypt.