Egypt seizes Mubarak family funds

Published February 28, 2011

In this Oct. 19, 2010 file photo Egyptian President Hosni Mubarak looks on during a meeting in Cairo. Egyptian state TV says Monday, Feb. 28, 2011 that ousted President Hosni Mubarak and his family have been banned from travel abroad and their funds “impounded”. The move by Egypt's top prosecutor is the latest measure against the Mubaraks. The prosecutor general on Feb. 20 ordered the assets of the ousted president, his wife, two sons and their wives to be frozen. -AP Photo

CAIRO: Egypt's top prosecutor seized all the funds of ousted leader Hosni Mubarak and his family on Monday and banned them from travel abroad, the latest humiliation for the once-powerful family.

During the 18-day pro-democracy uprising, unconfirmed reports that Mubarak and his family might have amassed billions, or even tens of billions of dollars over their three decades in power fueled protesters already enraged over massive corruption and poverty in Egypt.

Mubarak, the top ruling party leaders and other cronies, and the powerful military have all profited richly from the corrupt system.

Mubarak was forced out of the president's office on Feb. 11 by the military, who have promised to meet many of the protesters' demands.

He is now believed to be living in seclusion with his family in the Red Sea resort of Sharm el-Sheikh. The attorney general had already frozen the assets of the ousted president, his wife, two sons and their wives on Feb. 20.

Nearly half the 80 million Egyptians live under or near the poverty line set by the World bank at $2 a day.

Mubarak is suspected of turning a blind eye to corruption by family members and their associates, while many of the allegations of wrongdoing centered on the business activity of his two sons, Alaa and Gamal, as well as Gamal's wife and her family.

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