Frozen francs
May 3, 2011
Switzerland's Foreign Ministry has revealed that it has frozen funds amounting to 830 million francs (646 million euro; $960 million) traced back to several North African leaders since uprisings began in the Middle East in January.
Swiss Foreign Minister Micheline Calmy-Rey announced the figure Monday at a diplomatic meeting in the Tunisian capital Tunis, where she is on a three-day visit.
Calmy-Rey said the government had identified potentially illegal assets of over 360 million Swiss francs (280.4 million euro; $415.8 million) believed to belong to Libyan leader Moammar Gadhafi and his inner circle.
The majority of the sum, some 410 million francs (320.4 million euro; $474 million), is thought to belong to former Egyptian President Hosni Mubarak, while a further 60 million francs (46.9 million euro; $69.4 million) is linked to former Tunisian President Zine El Abidine Ben Ali.
Accounts frozen in January, February
The Swiss Foreign Ministry, however, has declined to name the banks or the cantons (states) in which the accounts or properties are held.
"We never specify the institutions. It is not just money, there are real estate assets," said Lars Knuchel, a spokesman for the Foreign Ministry.
Switzerland had previously announced that it had frozen the assets of Ben Ali and Mubarak shortly after they were overthrown in popular uprisings in January and February, without naming a specific sum.
Gadhafi's assets were also frozen in February after the Libyan leader initiated a brutal crackdown against opposition protests, sparking international condemnation.
By freezing any assets linked to the North African leaders, funds could no longer be secretly withdrawn and banks and financial institutions were required to report any suspicious activity.
Libya's Foreign Ministry had previously denied that Gadhafi held any bank accounts in Switzerland or any other foreign coffers.
Swiss hoping to improve image
Switzerland has boosted efforts in recent years to improve its image as a haven for ill-gotten assets.
Swiss authorities have previously blocked funds in accounts held by deposed strongmen including Ivory Coast's former President Laurent Gbagbo.
Tunisia and Egypt, meanwhile, have started legal proceedings to claim the funds and property thought to belong to their former leaders.
Author: Charlotte Chelsom-Pill (AP, AFP, Reuters)
Editor: Martin Kuebler