Geneva: Switzerland said on Friday it will hand over to Tunisia $40 million (Dh147 million) stashed in Swiss bank accounts by the family of ousted dictator Zine Al Abidine Bin Ali.
Swiss authorities had frozen the funds as part of a probe launched following the revolution that forced the long-standing Tunisian leader from power in 2011.
Speaking on Swiss public radio, chief prosecutor Michael Lauber said the transfer of the funds had been made possible thanks to the cooperation of Tunisia’s new authorities.
The Swiss launched their investigation after Tunisia filed a request for legal assistance alleging that ill-gotten gains had been hidden in the Alpine country.
The Bin Ali family still has the option of contesting the money’s handover by filing an appeal at the Swiss supreme court.
Bin Ali’s January 2011 ouster after a groundswell of demonstrations marked the start of the Arab Spring.
He has since gained asylum in Saudi Arabia while his son-in-law Sakher Al Materi, once considered a potential successor, has fled to the Seychelles.
A World Bank report last month detailed the family’s grip on the economy during Bin Ali’s 23-year reign.
It found 220 companies owned by family members, accounting for 21 per cent of net private sector profits in Tunisia, with regulations often tailored to benefit their businesses.
In the wake of Bin Ali’s overthrow, Switzerland blocked the equivalent of $68.5 million in accounts held in the country.
With $40 million set to be handed over, investigations into the origin of the remaining $28.5 million are continuing.
Lauber said he hoped to be able to transfer those remaining funds in the near future.
“There are still several million dollars frozen in Switzerland. We’re trying to make progress on this issue,” he said, without offering a likely time frame.
