Switzerland has frozen the assets of Hosni Mubarak, who resigned as president of Egypt on Friday after 30 years of rule.

“I can confirm that Switzerland has frozen possible assets of the former Egyptian president with immediate effect,” Swiss spokesman Lars Knuchel told Reuters soon after Mubarak bowed to 18 days of mass protests. “As a result of this measure any assets are frozen for three years.”

It is not known how much money has been frozen.

The Swiss will also target assets possibly belonging to Mubarak’s associates in order to limit the chance of Egyptian state money being stolen on the way out by the outgoing administration.

According to Reuters, Switzerland also froze the assets of former Tunisian dictator Zine al-Abidine Ben Ali, who was forced out in a popular revolution last month.

About The Author

John Guilfoil is the editor-in-chief of Blast: Boston's Online Magazine and the Blast Magazine Network. He can be reached at [email protected]. Tweet @johnguilfoil.

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