The estimate of the money the Mubaraks have stashed away is said to be about US$40 billion.
The Daily Beast reports that the hunt for those monies is already now underway.
"The Egyptian leader has resigned, but the search for his massive family fortune is just beginning. Philip Shenon reports on how the wealth was concealed—and shifted around as the uprising began. Plus, full coverage of the Egypt revolution.
With the old pharaoh gone, the hunt for his gold begins.
A senior Western intelligence official tells The Daily Beast that European spy agencies have detected efforts in recent weeks by former Egyptian president Hosni Mubarak and his family to shift their assets, believed to total in the billions and perhaps tens of billions of dollars, to bank accounts and investments where they cannot be easily traced in a post-Mubarak Egypt."
The New York Times also takes up the same story in "Opening ‘All the Files’ to Track Mubarak Riches".
Within hours of Mr. Mubarak’s resignation on Friday, Swiss officials ordered all banks in Switzerland to search for — and freeze — any assets of the former president, his family or close associates. In Egypt, opposition leaders vowed to press for a full investigation of Mr. Mubarak’s finances.
Tracing the money is likely to be difficult because business in Egypt was largely conducted in secret among a small group of people connected to Mr. Mubarak.
“Now we open all the files,” said George Ishak, head of the National Association for Change, an opposition umbrella group. “We will research everything, all of them: the families of the ministers, the family of the president, everyone.”
The Daily Beast reports that the hunt for those monies is already now underway.
"The Egyptian leader has resigned, but the search for his massive family fortune is just beginning. Philip Shenon reports on how the wealth was concealed—and shifted around as the uprising began. Plus, full coverage of the Egypt revolution.
With the old pharaoh gone, the hunt for his gold begins.
A senior Western intelligence official tells The Daily Beast that European spy agencies have detected efforts in recent weeks by former Egyptian president Hosni Mubarak and his family to shift their assets, believed to total in the billions and perhaps tens of billions of dollars, to bank accounts and investments where they cannot be easily traced in a post-Mubarak Egypt."
The New York Times also takes up the same story in "Opening ‘All the Files’ to Track Mubarak Riches".
Within hours of Mr. Mubarak’s resignation on Friday, Swiss officials ordered all banks in Switzerland to search for — and freeze — any assets of the former president, his family or close associates. In Egypt, opposition leaders vowed to press for a full investigation of Mr. Mubarak’s finances.
Tracing the money is likely to be difficult because business in Egypt was largely conducted in secret among a small group of people connected to Mr. Mubarak.
“Now we open all the files,” said George Ishak, head of the National Association for Change, an opposition umbrella group. “We will research everything, all of them: the families of the ministers, the family of the president, everyone.”
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