Tuesday, 15 February 2011

Searching For Hosni's Hoard

The British Serious Fraud Office is hunting millions stashed in the UK by Egypt's ousted tyrant Hosni Mubarak.

Their probe came after Switzerland froze the assets of the "Last Pharaoh" in the search for an alleged hoard of up to £44billion.
Britain was expected to do the same. SFO chief Richard Alderman said as Egypt stepped up its headlong rush towards democracy: "The public would expect us to be looking for some of this money if we became aware of it - and to try to repatriate it for the people."
Toppled ... now the hunt fot Mubarak's billions is on
Toppled ... now the hunt fot Mubarak's billions is on
Yesterday, about 2,000 people gathered in Cairo's Tahrir Square, halting traffic only hours after military police and soldiers had cleared the last few pro-democracy activists from the area.
The army had appeared to be in full control of the square, heart of the protests that toppled Mubarak.
Then hundreds of police marched through, unhindered by troops, saying they wanted to show solidarity with the revolution.
Mubarak, 82, and his family are alleged to have raked off huge sums in kickbacks from military deals and privatisations with most of the loot moved offshore.
Mubarak's son Gamal, 47, once lived in London. An investment company he founded, Medinvest Associates - and £34million offshoot private equity fund Horus - have been based in central London since 1996.
The generals left in charge when Mubarak quit on Friday dissolved parliament last night and suspended the constitution that had kept him in power.
The move opened the way for promised free and fair elections.
The Supreme Council of the Armed Forces also pledged to 'honour the peace treaty' with Israel, whatever that means when uncoded. It doesn't mean good news for ordinary Egyptians at the moment.

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