Business World

Saturday 17 March 2018

Mubarak’s two sons to go on trial for stock market manipulation charges in July

THE TWO sons of Egypt's ousted President Hosni Mubarak will go on trial for charges of stock market manipulation on July 9, judicial sources said on Tuesday.

Egyptian authorities announced last month that Gamal and Alaa Mubarak, together with seven other men, would face charges of violating stock market and central bank rules to make unlawful profits through the dealing of shares in Al Watany Bank of Egypt.

Mubarak's eldest son, Alaa, is a businessman. His brother Gamal, a former banker, was widely viewed as a being groomed for Egypt's top job until Mubarak was toppled in February 2011.

Mubarak, 84, was sentenced to life imprisonment on June 2 in the first trial in an ordinary court of an Arab leader ousted in a popular uprising. Mubarak's health has worsened in jail and by Monday was "very critical", his lawyer said.

Many Egyptians believe Mubarak, his family, his aides and associates amassed wealth illegally during his three decades in power while most Egyptians struggled in grinding poverty.

The seven other defendants in the stock market manipulation case were released on bail and barred from travel. But the Mubarak sons who were ordered to remain in detention with their assets frozen pending trial.

The public prosecutor's statement in May said that others referred to trial with Mubarak's sons include Yasser El Mallawany and Hassan Heikal, board members and joint chief executives officers of investment bank EFG-Hermes.

EFG said it would defend the two executives against the accusations.

Other corruption charges against Gamal and Alaa Mubarak were dropped by a court this month because a statute of limitations on them had expired.

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