• 17:19
  • Wednesday ,01 January 2014

Egypt to ask countries to freeze MB’s assets


Copts and Poliltical Islam


Wednesday ,01 January 2014

Egypt to ask countries to freeze MB’s assets

CAIRO: The Ministry of Foreign Affairs is preparing a request that will be sent to all Arab countries which signed the 1988 Counter-Terrorism Convention asking that they freeze all assets of the Muslim Brotherhood and deport all people connected to the group after labeling the organization a “terrorist” group on Dec. 25.

The ministry’s request will rely upon the U.N. Security Council’s 2001 resolution that criminalized terrorism and stated all assets of those involved in terrorist activities should be frozen. The ministry also relies upon Security Council Resolution 1624 which states that those involved in terrorist activities do not have the right to political asylum in other countries.
The Muslim Brotherhood’s funds abroad total 112 billion EGP (U.S. $16.1 billion), said a source from the government committee assigned to supervise the Brotherhood’s finances.
The source told Youm7 that about 25 billion EGP ($3.7 billion) of those assets belong to Brotherhood Deputy Supreme Guide Khairat el-Shater.
The committee’s initial report said that Shater’s assets are located in Turkey, Malaysia, Qatar, Cyprus, and Japan.
Shater owns a large number of shares in a Korean company specializing in auto and electronic manufacturing in addition to money in a Swiss bank attributed to exiled Brotherhood leader Youssed Nada. His bank assets are valued at 9 billion EGP ($1.2 billion).
The Brotherhood manages 72 companies inside Egypt and abroad. Egyptian and foreign investors in these companies have joint shares, but most of the Egyptian investors are not Brotherhood members, said the source.
Once the investigation into the Brotherhood’s assets is complete, a report will be submitted to the Illicit Gain’s Authority, Reclaiming Fund Committee, and the Muslim Brotherhood Restriction Committee headed by judge Ezzat Khamis.
Egypt said that money belonging to the Brotherhood’s guidance council “could be money laundering used for terrorist attacks in Egypt,” said the source.
The report includes assets belonging to ousted President Mohammed Morsi, Brotherhood guide Mohamed Badei, and businessman Hassan Malek.