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Switzerland unblocks 180 million francs frozen in Egypt probe
December 19, 2016 / 3:12 AM / in a year

Switzerland unblocks 180 million francs frozen in Egypt probe

ZURICH (Reuters) - Blocked assets worth 180 million Swiss francs ($175.52 million)have been unfrozen by the Swiss Office of the Attorney General, the OAG said, after it dropped part of a criminal inquiry related to the Arab Spring in Egypt.

The OAG had been investigating “several” unnamed persons in Switzerland on suspicion of money laundering and supporting or participating in a criminal organisation.

The Swiss inquiry was launched in 2011 following events related to the Arab Spring protests which led to the downfall of long-time Egyptian leader Hosni Mubarak.

The OAG announced the decision to unfreeze the assets following a meeting between Switzerland’s Attorney General Michael Lauber and his counterpart in Egypt over the weekend.

Criminal investigations against six unnamed persons are now underway, the OAG said in a statement, while 430 million francs remains frozen.

($1 = 1.0255 Swiss francs)

Reporting by John Revill. Editing by Jane Merriman

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