Head of the International Cooperation Bureau, Kamel Gerges, said on Saturday that the Swiss Federal Court rejected Egypt's request to retrieve the smuggled funds to Switzerland.

It was announced in press conference held on Saturday to present the results of the negotiations with Switzerland on the recovery of the money smuggled by icons of the former regime, toppled in February 2011.

Switzerland's authorities have responded to Egypt's request to recover the smuggled funds by drafting a law that enables Egypt to retrieve these funds.

The law would allow Egypt to overcome a Swiss federal court ruling that rejected Egypt's request to recover its stolen funds.