Israel Matzav

Mubarak stashed the cash

The 'Palestinian' Maan news service reports that Egyptian President Hosni Mubarak is so seriously ill that he fainted before giving his ill-fated non-resignation speech on Thursday night. But that illness did not stop him from stashing millions of dollars in cash in 'untraceable bank accounts' during the 18 days before his resignation.

On Friday night Swiss authorities announced they were freezing any assets Mubarak and his family may hold in the country's banks while pressure was growing for the UK to do the same. Mr Mubarak has strong connections to London and it is thought many millions of pounds are stashed in the UK.

But a senior Western intelligence source claimed that Mubarak had begun moving his fortune in recent weeks.

"We're aware of some urgent conversations within the Mubarak family about how to save these assets," said the source, "And we think their financial advisers have moved some of the money around. If he had real money in Zurich, it may be gone by now."

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The intelligence source suggested that 82-year-old Mubarak may have learnt the lesson of his fellow dictator Zine El Abidine Ben Ali, the former president of Tunisia, who was forced with his family into a hasty exile in Saudi Arabia while Swiss authorities froze the family's bank accounts.

A US official told The Sunday Telegraph: "There's no doubt that there will have been some frantic financial activity behind the scenes. They can lose the homes and some of the bank accounts, but they will have wanted to get the gold bars and other investments to safe quarters."

The Mubaraks are understood to have wanted to shift assets to Gulf states where they have considerable investments already – and, crucially, friendly relations. The United Arab Emirates and Saudi Arabia have frequently been mentioned as likely final destinations for Mr Mubarak and possibly his family.

The UK Treasury said it would have the power to seize Mubarak's British assets if Egypt made a formal request - and no order had yet been made.

But Lord Malloch-Brown, a former Labour foreign minister and former Deputy Secretary-General of the United Nations, told The Sunday Telegraph: "When people are forced out of office, if they have money way beyond what they should have earned, then a country like Britain should freeze those assets pending a court action by the new government.

"Given his and his family's strong links to the UK, it is reasonable to assume at least some of his assets are here."

Reports emanating from Egypt claim that Mubarak had accounts with the Swiss bank UBS as well as with HBOS, now part of Lloyds Banking Group, which is 41 per cent owned by the British Government. But it is understood that Lloyds bank officials have so far found no evidence Mubarak had secret accounts with them.

Here's betting that the Egyptian government recovers less than Bernie Madoff's receivers.

And how sick is Mubarak?

Ousted Egyptian leader Hosni Mubarak is suffering serious health problems and fainted before his last speech, informed sources in Egypt told Ma'an on Sunday.

Sources said Mubarak's condition was the reason his much anticipated speech on Thursday was delayed. Egyptian army leaders avoided exerting more pressure on the former president in the final days of his rule due to his poor health, sources added.

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The Bahrain-based newspaper Al-Wasat reported Saturday that Mubarak had fallen into a coma, quoting sources close to the deposed leader.

The Egyptian newspaper Al-Masry Al-Youm said Sunday that Mubarak was in Baden, Germany for medical treatment.

As I noted earlier, it was reported on Israel Radio earlier today that Mubarak is in Dubai.

Labels: Egyptian regime change, Hosni Mubarak, Swiss bank account

posted by Carl in Jerusalem @ 5:35 PM