Bhutto Family Swiss Accounts

ISLAMABAD, Pakistan -- Swiss authorities have frozen 12 more bank
accounts belonging to former Pakistani Prime Minister Benazir Bhutto and
her family, Pakistan's anti-corruption chief said today.


Five accounts were frozen earlier at the request of Pakistan, which is
pursuing allegations that Ms. Bhutto siphoned off millions of dollars of
public funds while in office. Swiss authorities will bar withdrawals
from the accounts until any legal proceedings in Swiss courts are
completed, Accountability Commissioner Saif-ur Rehman told a news
conference.


The Swiss earlier gave Pakistani authorities until Dec. 8 to prove that
the money being held in Swiss banks was earned illegally. Rehman would
not say how much money had been found in the 17 bank accounts, citing
Swiss secrecy laws. On Wednesday, however, Swiss authorities said $13.8
million had been found so far.




There are three issues of interest in this news. Firstly, the Bhutto Family
chose to have accounts at Swiss banks notorious for money laundary and
stashing of illegal wealth. It costs $10,000 to open the numbered
account (that is Rs 440,000) no small amount by any means.


Secondly, one is surprised at the amount of money. It is not $4 billion
or $400 million or even $40 million: a mere $13.8 million. Yes, it is
a big amount for a normal person but for a rich family and for
those alleged to be "Mr. 10%" or "40%" this does look rather puny.



Thirdly, the cost of recovering this money and fighting court battles is
expected to be more than the amount itself.