Mubarak used last 18 days in power to transfer wealth to untraceable overseas accounts

CAIRO - Western intelligence sources have claimed that former Egyptian President Hosni Mubarak had transferred his vast wealth into untraceable accounts overseas within 18 days of political unrest in that country.

Mubarak is accused to have gathered a fortune of over three billion pounds, though some people believe that it could be as much as 40 billion pounds, during his 30 years in power, The Telegraph reports.

It is claimed that his wealth was tied up in foreign banks, investments, bullion and properties in London, New York, Paris and Beverly Hills, it added.

Mubarak has strong connections to London and it is believed that he might have kept many millions in the UK.

On Friday, Swiss authorities had announced that they were freezing Mubarak and his family’s assets in the country’s bank. Meanwhile, pressure is also being reportedly built on Britain to freeze his assets.

According to a senior Western intelligence source, Mubarak had begun moving his fortune in recent weeks.

“We’re aware of some urgent conversations within the Mubarak family about how to save these assets. And we think their financial advisers have moved some of the money around. If he had real money in Zurich, it may be gone by now,” the paper quoted the source, as saying.

The revelations have come after the ruling military council, which took over from Mubarak on Friday, confirmed that it would eventually hand over power to an elected civilian government. (ANI)