'Mubarak assets moved from EU banks to Gulf'

Feb 14, 2011 |

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Hosni Mubarak

New York: Ousted Egyptian President Hosni Mubarak has reportedly moved his family assets from European banks to institutions in Gulf region after Swiss authorities took steps to freeze his foreign accounts.

"We're aware of some urgent conversations within the Mubarak family about how to save these assets," a senior intelligence was quoted as saying by the state-run Iranian channel Press TV.

"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," he said.

According to channel, former president is believed to have transferred a fortune to friendly Arab states, including the United Arab Emirates and Saudi Arabia.

The report comes after Swiss authorities have announced to freeze his bank accounts. Estimates of the former Egyptian President's fortune varies - there is a widespread rumour that it worth as much as USD 70 billion.

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