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Hosni Mubarak Wealth

February 11, 2011 by USA Post 

Hosni Mubarak Wealth, Switzerland froze all assets belonging to Hosni Mubarak and his family, which could amount to hundreds of millions, the government announced.

The move came as the former president was reported to have flown to the resort of Sharm el-Sheikh, where he has chaired summits, and entertained his guests enjoyed the winter sun far from the crowd.

Mr. Mubarak said in his maiden speech during the revolt, on February 1 that he would not leave his country, pledging to “die on the soil of Egypt and be judged by history”.

Within hours of the announcement that Hosni Mubarak had in fact resigned from his post as president of Egypt, it was reported that the Swiss government intervened to protect what might be ill-gotten gains.

The Federal Department of Foreign Affairs issued a statement: “The government [] intends thereby to avoid misappropriation of the Egyptian state,” the statement read “At the same time, the firm calls the authorities in Egypt for comply with the legitimate demands of the Egyptian population in a timely, credible, transparent and participatory. ”

It was a move that was expected after an earlier move by the Swiss finance minister, who asked his bank to verify that the deposits were indeed in the country and the extent of them.

Exactly how to define what is state property or what is legitimately on behalf of Mubarak, his family and inner circle is clear at this time. While it is well known that Swiss banks could hold the bulk of the assets, estimated at up to 70 billion, but there are many commercial businesses and properties in countries around the world.

There are properties on behalf Mubarak in London, New York, Los Angeles and even Rodeo Drive in Beverly Hills, California. Two Mubarak’s son, Gamal and Alaa are billionaires in their own name.

(AP) – The resignation of President Hosni Mubarak has offered new hope for a rebound in investor confidence battered by Egypt, with the cost of insurance against sovereign debt of countries retreating sharply. Analysts and economists warn that other issues remain, as the pace of reform and what role the military plays.

Vice-President, Omar Suleiman, who said Mubarak was to hand control of the country to the army, made Friday’s announcement. Mubarak exit marked the apparent end of the crisis nearly three weeks; many feared would descend into violence and paralyze the country politically and economically.

“It’s definitely a move in the right direction,” said John Sfakianakis, chief economist at the Riyadh, Saudi Arabia-based Banque Saudi Fransi. “But what we still do not know exactly the direction we take or the steps to get there.”

In an indication of easing the anxiety of investors, the country’s five-year credit default swaps fell 24 basis points to 313 basis points, according to data from CMA. Meanwhile, the vectors Egypt Index ETF market – which allows investors to invest in Egyptian stocks – rose about 4.3 percent to 18.52. He had reached nearly 6.7 percent in the minutes following the announcement of the resignation.

But many questions remain about the next steps, and if the president’s resignation would be enough to appease the millions of people whose applications included the dismantling of the entire regime.

Wael Ziada, director of research at Cairo-based Egyptian, Middle Eastern investment bank EFG-Hermes, said the news should help “restore trust, because it means that the country is approaching a more or less stable. ”

But, he said, “We need to know how the army will be the decision of the next period.”

The announcement was rare good news for millions in a country that saw the economy to a standstill in the first week of events.

As banks closed, businesses were closed and lawlessness broke out, tensions built up over the last 18 days in an outpouring of vitriol directed against showing a man who had ruled Egypt for nearly 30 years. The banks reopened, though spared a fear-panic investors withdraw their money.

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