Spain Seizes 28 Million Euros in Hosni Mubarak-Linked Assets

MADRID (TIP): Spain announced on Thursday it had seized 28 million euros ($37 million) in financial products, luxury cars and buildings linked to ousted Egyptian president Hosni Mubarak. Egypt requested Spain’s help under UN anti-corruption conventions to find and block assets owned by Mubarak, his family, top aides and their related companies, a national police statement said. Police blocked 18.4 million euros in financial products held in three Spanish banks; two buildings in Madrid’s wealthy Moraleja district worth a combined seven million euros; and seven properties in the holiday resort of Malaga worth more than three million euros.

They also seized seven luxury cars. “The assets could be the proceeds of crimes such as the embezzlement of public funds, corruption, or the illegal enrichment committed during his mandate,” police said. The Egyptian request targeted some 130 people, they said. Mubarak was ousted on February 11 last year after nearly three weeks of mass protests that left 846 people dead and more than 6,000 injured. Both the interim military government that took over after his overthrow and the administration of elected Islamist President Mohamed Morsi have repeatedly promised to bring to justice all those responsible for the deaths. Mubarak and his interior minister Habib al-Adly were both jailed for life for their role in ordering the killings.

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