$1b frozen in Swiss bank accounts after Arab Spring
Source:AFP Published: 2012-10-16 23:55:06
Switzerland has blocked nearly 1 billion Swiss francs ($1.1 billion) in assets linked to former autocratic Middle Eastern leaders since the Arab Spring, the Swiss foreign ministry said Tuesday.
The Swiss government has held funds linked to ousted Tunisian leader Zine El Abidine Ben Ali since he left the country in January 2011, and those of ousted Egyptian president Hosni Mubarak after his departure from power the same year, said Valentin Zellweger, head of the foreign ministry's international law department.
Switzerland had blocked some 700 million Swiss francs from Egypt and 60 million from Tunisia, and was currently working with the new administrations in those countries to find a way to return the funds to the Egyptian and Tunisian people, Zellweger told reporters in Geneva.
Following separate UN Security Council resolutions, Switzerland had also blocked 100 million Swiss francs from Libya and another 100 million from Syria, Zellweger said.
Asked why the restitution of funds to Tunisia and Egypt was taking so long, he said the onus was on those nations, since "it is them who determine the speed of the procedures."
"Switzerland is confronted in Egypt and Tunisia with cases unprecedented in size," Zellweger said.
In Tunisia's case, Switzerland held the accounts of 48 people close to Ben Ali, while 32 people linked to Mubarak had their holdings frozen in the Egyptian case, he explained, adding that each account had registered between 250 and 2,000 separate transactions.