Investigations into former Egyptian president Hosni Mubarak’s frozen assets in Swiss banks are being conducted “independently” in both Switzerland and Egypt, the Swiss embassy in Cairo said in an official statement on Wednesday.The embassy said that joint judicial cooperation on the case is ongoing between Egypt and Switzerland to determine whether the funds were illegally obtained, and that no final decision has been made regarding whether the funds will be returned to Egypt.Based on initial estimates by the Swiss government, Mubarak’s total assets in Swiss banks amount to CHF 650 million ($698 million).Mubarak and his two sons were found guilty of embezzling EGP 125 million in public funds originally allocated for the upkeep of presidential buildings, and were sentenced to three years in prison.Mubarak is the first Egyptian president to stand trial and be convicted of corruption.
