Mubarak assets in Egypt frozen

Feb. 28, 2011 at 10:22 AM   |   0 comments

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CAIRO, Feb. 28 (UPI) -- The government froze financial assets of former Egyptian President Hosni Mubarak and his family members and imposed a travel ban on them, officials said.

The freeze on assets inside Egypt and the travel ban were taken after the prosecutor's office received complaints about Mubarak's wealth, al-Jazeera reported Monday.

"The decision today is acting on complaints received on wealth accumulated by [the] former president and his family," the general prosecutor's office said in a statement without further explanation.

Mubarak's financial assets abroad were frozen previously. Media reports indicate his wealth may be in the billions of dollars.

Mubarak stepped down Feb. 11 after 18 days of demonstrations against his rule. Egypt's Supreme Council of the Armed Forces, running the country on an interim basis, said it wants to conduct presidential elections within six months.

Ibrahim Sharquieh, deputy director of the Brookings Doha Center in Qatar, told al-Jazeera the country's military rulers are trying to show that they are serious about reform.

"Mubarak and family's travel ban by Egypt's prosecutor, political reforms and arrest of close Mubarak aides are positive steps," Sarquieh said. "It gives assurance to pro-democracy protesters that people from the previous regime won't be retained. However, the military needs to do much more to satisfy the protesters. It should hold election within six months."

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