This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.guardian.co.uk/world/2013/mar/27/hosni-mubarak-assets-british-territory
The article has changed 6 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Hosni Mubarak's family own assets on British territory | Hosni Mubarak's family own assets on British territory |
| (10 days later) | |
| The family of ousted Egyptian dictator Hosni Mubarak still owns assets on British territory nearly two years after British authorities called for them to be frozen, Egypt's largest investment bank has disclosed. | The family of ousted Egyptian dictator Hosni Mubarak still owns assets on British territory nearly two years after British authorities called for them to be frozen, Egypt's largest investment bank has disclosed. |
| EFG Hermes, the fund's co-owners, has admitted that "to the best of [their] knowledge" Mubarak's son Gamal has a 17.5% stake in a fund registered in the British Virgin Islands (BVI). It is 20 months since the territory's authorities issued an order calling for the freezing of Gamal Mubarak's assets. | EFG Hermes, the fund's co-owners, has admitted that "to the best of [their] knowledge" Mubarak's son Gamal has a 17.5% stake in a fund registered in the British Virgin Islands (BVI). It is 20 months since the territory's authorities issued an order calling for the freezing of Gamal Mubarak's assets. |
| According to EFG-Hermes, Mubarak has received around $880,000 annually from the fund since it was incorporated in July 2002, though the fund currently does not contain any "meaningful" assets. | According to EFG-Hermes, Mubarak has received around $880,000 annually from the fund since it was incorporated in July 2002, though the fund currently does not contain any "meaningful" assets. |
| But the news – confirmed in emails to the campaigner Nick Hildyard, and to the Guardian – raises questions about the British government's willingness to pressure its overseas territories into investigating and freezing money belonging to Hosni Mubarak's family. It comes only six months after a BBC investigation revealed that former members of the Mubarak regime had millions of unfrozen assets on mainland Britain. | But the news – confirmed in emails to the campaigner Nick Hildyard, and to the Guardian – raises questions about the British government's willingness to pressure its overseas territories into investigating and freezing money belonging to Hosni Mubarak's family. It comes only six months after a BBC investigation revealed that former members of the Mubarak regime had millions of unfrozen assets on mainland Britain. |
| "The UK government are keeping their lips sealed about this," said Osama Diab, a researcher in economic and social justice at the Egyptian Initiative for Personal Rights (EIPR). "We keep on hearing about other unfrozen assets belonging to the former regime. There's no good explanation as to why they remain unfrozen." | "The UK government are keeping their lips sealed about this," said Osama Diab, a researcher in economic and social justice at the Egyptian Initiative for Personal Rights (EIPR). "We keep on hearing about other unfrozen assets belonging to the former regime. There's no good explanation as to why they remain unfrozen." |
| While the return of dictators' assets to their country of origin is often a lengthy and litigious process, the freezing of their assets should be quick and straightforward since it merely places the money under investigation, rather than reappropriating it entirely. | While the return of dictators' assets to their country of origin is often a lengthy and litigious process, the freezing of their assets should be quick and straightforward since it merely places the money under investigation, rather than reappropriating it entirely. |
| By their clandestine nature, accounts full of laundered money are often hard to track down, and it is difficult for BVI's small financial regulators to monitor suspicious accounts. But campaigners said that both the UK and its overseas territories (including dependencies like the BVI) had a track record of not doing enough to monitor and freeze dictators' assets. | By their clandestine nature, accounts full of laundered money are often hard to track down, and it is difficult for BVI's small financial regulators to monitor suspicious accounts. But campaigners said that both the UK and its overseas territories (including dependencies like the BVI) had a track record of not doing enough to monitor and freeze dictators' assets. |
| Overseas territories such as the BVI "have very good rules and regulations in place but the implementation of these rules and regulations is much more patchy," said Robert Palmer, an analyst in financial corruption at Global Witness. He added that the UK was often happy to let the situation stand. | Overseas territories such as the BVI "have very good rules and regulations in place but the implementation of these rules and regulations is much more patchy," said Robert Palmer, an analyst in financial corruption at Global Witness. He added that the UK was often happy to let the situation stand. |
| "The UK has always played these games where they say that the territories are autonomous," said Palmer. "Actually if the UK wanted to, it does have the power to impose on places like the British Virgin Islands … There is a complex relationship between the government and the overseas territories and the UK is responsible for good governance in these places." | "The UK has always played these games where they say that the territories are autonomous," said Palmer. "Actually if the UK wanted to, it does have the power to impose on places like the British Virgin Islands … There is a complex relationship between the government and the overseas territories and the UK is responsible for good governance in these places." |
| The UK government has shown willingness to influence the territories in the past. Earlier this year forced islands such as Jersey to be more transparent about tax. | The UK government has shown willingness to influence the territories in the past. Earlier this year forced islands such as Jersey to be more transparent about tax. |
| No spokesman from the British Foreign Office, Home Office or Treasury had responded to a request for comment at the time of writing. | No spokesman from the British Foreign Office, Home Office or Treasury had responded to a request for comment at the time of writing. |
| A spokeswoman for the British embassy in Cairo said no one at the embassy had read Hildyard's report, although an embassy official attended its presentation on Wednesday evening. Last year, foreign office minister Alistair Burt denied Britain was not doing enough to track down Egypt's stolen millions. | A spokeswoman for the British embassy in Cairo said no one at the embassy had read Hildyard's report, although an embassy official attended its presentation on Wednesday evening. Last year, foreign office minister Alistair Burt denied Britain was not doing enough to track down Egypt's stolen millions. |
| "We are working closely with their [Egypt's] authorities to identify and restrain assets their courts have identified as stolen," he said. | "We are working closely with their [Egypt's] authorities to identify and restrain assets their courts have identified as stolen," he said. |
| There is no suggestion that the fund's assets or EFG Hermes are connected to any cases of corruption, nor that EFG Hermes manages any Mubarak family money. | There is no suggestion that the fund's assets or EFG Hermes are connected to any cases of corruption, nor that EFG Hermes manages any Mubarak family money. |
| Our editors' picks for the day's top news and commentary delivered to your inbox each morning. | Our editors' picks for the day's top news and commentary delivered to your inbox each morning. |
| Our editors' picks for the day's top news and commentary delivered to your inbox each morning. Enter your email address to subscribe. | Our editors' picks for the day's top news and commentary delivered to your inbox each morning. Enter your email address to subscribe. |
| Our editors' picks for the day's top news and commentary delivered to your inbox each morning. |