ICEC

Switzerland returns $34 mln of Ahmed Ezz’s frozen funds to Egypt

Switzerland has returned CHF 32 million ($34 million) of businessman Ahmed Ezz’s frozen assets to Egypt last December.

This is the first tranche paid off by Switzerland to Egypt, not to the funds’ owner, related to the ousted President Hosni Mubarak, the attorney general office’s spokesperson Anthony Proffaron said.

This step came on the sidelines of a possible compromise between Ezz and the Egyptian government, upon which Switzerland will end investigations against Ezz, according to local newspaper Youm7, citing Swissinfo.

It is noteworthy that Switzerland has been freezing more than CHF 400 million in assets owned by Egyptian officials and businessmen of total funds worth CHF 700 million frozen after Egypt’s 2011 uprising.

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