We write as non-governmental organisations to warn of the presence of an asset (detailed below) in which Gamal Mubarak, the son of the former President of Egypt, has, or appears to have, a beneficial financial interest and/or an ownership stake.
We understand that the named asset would be subject to potential freezing under the terms of the Freezing of Assets Held By Designated Persons and Entities Subject to the Egypt (Restrictive Measures) (Overseas Territories) Order 2011 ["the Freezing Order”], which came into force on 15 July 2011.

Mr Gamal Mubarak is listed as one of the individuals to which both orders apply.

The asset in question is:

EFG Hermes Private Equity BVI

EFG Hermes has confirmed by email dated 25 March 2013 that the above entity is a British Virgin Island (BVI)-registered company. It has also confirmed Gamal Mubarak has a 17.5% (also said to be an 18%) indirect holding in this company through his 50% ownership of Bullion, a Cyprus-registered company that owns 35% of EFG Hermes Private Equity BVI. Further, EFG Hermes has stated in the same email that "to the best of our knowledge”, Mr Mubarak still holds this indirect holding and that he has been receiving $880,000 annually in dividends from the company.

We request the authorities in the British Virgin Islands to:

· investigate Mr Mubarak’s holding in EFG Hermes Private Equity BVI and, if there are ground to do so, take steps to freeze this asset.

·investigate and, if there are grounds to do so, freeze any future payments to Mr Mubarak from EFG Hermes Private Equity BVI.

Signatories:

The Egyptian Initiative for Personal Rights

The Egyptian Center for Economic and Social Rights

The Corner House

The Jubilee Debt Campaign

The Popular Campaign to Drop Egypt's Debt