Spanish police seize $36.6 million in Mubarak-held assets

PanARMENIAN.Net - Spanish police said on Thursday, December 13 they have seized €28 million ($36.6 million) in cash and assets held by Hosni Mubarak, his family and associates, in the latest blow for the man who ruled Egypt for three decades and is now serving a life sentence, WSJ reported.

In a press release, Spain's police said they have frozen €18.4 million in cash and financial investments placed with Spanish banks. The remaining assets taken over are two properties located in a desirable Madrid neighborhood, seven more in the southern beach town of Marbella-—a popular holiday destination for Arab potentates—and five luxury cars.

Police said they acted on an international request made by Egypt's current government to locate and restrict access to assets owned by a list of 130 people associated with Egypt's former regime, including Mr. Mubarak and his family, former members of the government and businesspeople supposedly tied to Mr. Mubarak.

Mr. Mubarak, the 84-year-old former president of Egypt, left office in early 2011 and was sentenced to life imprisonment earlier this year for his responsibility in the deaths of hundreds of antigovernment protesters during the Arab Spring uprising last year.

Spain's police said Egypt's international petition cites alleged crimes including embezzlement as the reason for the requested action.