Justice ministry freezes assets of Ahmed Shafiq

Egypt’s justice ministry freezes assets of Mubarak-era premier Ahmed Shafiq, who faces trial for alleged corruption The financial assets of Ahmed Shafiq and his three daughters have been frozen by an order of the justice ministry. The Mubarak-era prime minister and his daughters, Sherine, May and Amira, were placed on an airport watch list and forbidden from disposing of their stocks, bonds and wealth. The decision was made by the vice president of the Cassation Court and the assistant justice minister for illicit gains. It confirms the decision of the Illicit Gains Authority in October to freeze the assets of Shafiq and his daughters. A press release by the exchange market said the decision covered all stocks and bonds, and that all brokerage firms and investment funds had been informed of the decision. The decision was based on investigations into complaint 115 of 2012. Shafiq is accused of selling 40,000 square metres of land owned by the Cooperative Housing Association for Military Pilots at a fraction of its market value to Gamal and Alaa Mubarak during the 1990s. He was head of the association at the time. He will also be tried in absentia in November on charges of financial corruption when he was the civil aviation minister. The justice ministry's decision to freeze Shafiq's assets will also be applied to all kinds of disposal such as beneficial ownership. Shafiq — the last prime minister to serve under toppled president Hosni Mubarak — narrowly lost to Mohamed Morsi in the presidential election run-off in June. From Ahramonline