2023-03-14
CAIRO/TUNIS - Despite sanctions on the late Arab dictators Hosni Mubarak and Zine el-Abdine Ben Ali, their clans and allies still own French property worth millions, casting doubts on the effectiveness of these sanctions. Recovering Egypt’s and Tunisia’s stolen wealth remains elusive.
The Tunisian and Egyptian clans own French properties worth between €25-35m, including 10 Parisian luxury apartments owned by the respective families, real estate companies, and millions stashed in various bank accounts. These restrictions are supposed to prevent transaction, use, or alteration of assets, including bank accounts, companies, vehicles and real estate. But research has discovered violations of these restrictions, including numerous transfers of shares in public companies. Furthermore, the manipulation of freezing procedures has seen many fraudulent operations including changing the headquarters address, renaming the company, mortgaging properties, and deception in key financial transactions. Meanwhile, French legislation in this field has many gaps, and companies registered abroad are not required to declare their beneficial owners in France.
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ONLINE
- Gel des avoirs : les exemples Ben Ali et Moubarak montrent les limites du système, Médiapart, 13/03/2023.
- Freezing Mubarak and Ben Ali’s Assets: Many Violations, Few Results, Daraj, 13/03/2023.
- أملاك بن علي ومبارك في فرنسا: مساع ناجحة للعائلات للالتفاف على تجميد الأصول, Daraj, 13/03/2023.
- Gel des avoirs Ben Ali et Moubarak : de multiples infractions mais aucune poursuite, inkyfada.com, 13/03/2023
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