Mubarak Assets Seized by Spain

Bank accounts were frozen by authorities with over 18.4 million euros ($24.2 million) and a list of luxury properties were seized across Spain by Spanish authorities on Friday. The assets were seized after Egypt requested the help of Spain under the anti-corruption conventions at the U.N., to find assets and seize them that were owned by former president Hosni Mubarak, family members, aides and others.

Spanish authorities were given a list of more than 130 people who were connected to the former Egyptian president and his regime. Some of the assets seized included two homes in La Moraleja, which is one of the most sought after residential areas in all of Madrid. The two homes were estimated to be worth more than seven million euros ($9.1 million).

Authorities also seized seven properties that were in the Marbella area, which is a posh resort area on the south coast of Spain this is very popular with Arabs who are very wealthy. Those seven properties were estimated to be worth more than 3 million euros ($3.9 million) combined.

Authorities also confiscated five high-end luxury cars.

Police said that the assets could be from proceeds of previous crimes like public funds being embezzled, corruption or other illegal or illicit means in which the regime took money during Mubarak’s presidency.

Mubarak, 84, who was the leader of Egypt for over three decades, was removed from office in February of 2011 in a popular uprising referred to as Arab Spring that saw more than 800 protestors killed.

This past June Mubarak was sentence to life in prison for his role in the killing of the protesters.

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