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Spain seizes assets of deposed Egyptian leader Hosni Mubarak

December 14, 2012|By Lauren Frayer
  • The Playa Esmeralda housing estate in Marbella, in southern Spain, where former Egyptian President Hosni Mubarak is believed to have owned property.
The Playa Esmeralda housing estate in Marbella, in southern Spain, where… (Jorge Zapata / EPA )

MADRID -- Two mansions in Madrid, five luxury cars and seven seaside Mediterranean properties linked to former Egyptian President Hosni Mubarak have been seized by Spanish police.

In all, Spain has frozen more than $36.5 million in assets believed to belong to Mubarak, the autocratic leader ousted by public protests in February 2011. The seizure followed a request from the new Egyptian government, which is seeking to recoup assets from Mubarak and 130 people associated with his regime.

Spanish police announced their move against the alleged Mubarak assets Thursday but did not say when the operation took place, nor when Cairo issued its request.

Mubarak's alleged holdings in Spain included two houses in a wealthy Madrid suburb, La Moraleja, home to golf courses and high-level diplomats and politicians. The two mansions together were valued at more than $9 million. A beachfront property in Marbella on the Mediterranean coast, along with six other properties in the same city and five luxury cars, were also seized, totaling almost $4 million. An additional nearly $24 million in investments held in Spanish banks was frozen.

It's unclear whether Mubarak, his family or associates ever lived in the properties. A Spanish police statement said they could have been acquired through embezzlement or corruption.

Switzerland, Britain and other countries have also frozen hundreds of millions of dollars' worth of assets linked to the former Egyptian strongman.

The 84-year-old ex-president is serving a life sentence for the deaths of protesters during the popular uprising that toppled him from power. Mubarak is serving his sentence in a military hospital because of poor health.

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