Mubarak moves vast assets from Europe to Saudi Arabia

DEBKAfile

Mubarak salvages financial fortune with Saudi helpHosni Mubarak and his family have moved a large part of their assets – guesstimated at between $20 and $70 billion - from European banks to Saudi Arabia and the United Arab Republics against personal guarantees from King Abdullah and Sheik Al Nahyan to block access to outside parties.This is reported by Gulf and West European sources. Tunisian ex-ruler Zein Al Abdain Ben Ali received the same guarantee when he fled his country and received asylum in the oil kingdom.

A Swiss financial source commented: "If he had any real money in Zurich, it may be gone by now."
According to DEBKAfile's sources, the transfers took place on Feb. 12-13. Although a weekend when European banks are closed, high-ranking officials in Riyadh had their managers hauled out of home to execute Mubarak's transfer orders without delay.
The ousted Egyptian ruler was on the phone to Saudi King Abdullah Friday, Feb. 11, immediately after his vice president Omar Suleiman went on state television to announce his resignation and handover of rule to the army. Mubarak called it a military putsch conducted under pressure from Washington. He denied he had resigned or passed any powers to the army. "I had no idea Omar Suleiman was about to read out that statement. I would never have signed it or allowed it to be published," said Mubarak.
The Saudi king voiced understanding for the ex-president's plight and said the Riyadh government was under orders to meet any requests for assistance received from him.

Mubarak views himself still as the rightful president of Egypt. Aware of this, the High Military Council Sunday, Feb. 13, abolished the constitution. Otherwise, Mubarak would have been correct and the military would have had no authority to issue decrees and pass laws without his signature.

The military junta's Western sympathizers were quick to read in the military statement a pledge to call an election in six months. This was not exactly stated. The military council announced that the incumbent (Mubarak-appointed) cabinet would stay in office "for six months or until elections."


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