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Monday, 21 October 2019

Egypt court releases Mubarak's sons on bail in stock market manipulation case

El-Sayed Gamal El-Din , Thursday 20 Sep 2018
Gamal Mubarak and Alaa Mubarak (Reuters)
File photo: Gamal Mubarak and Alaa Mubarak (Reuters)
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A Cairo criminal court ordered the release on bail of the two sons of ousted Egyptian president Hosni Mubarak on Thursday, just five days after their arrest over charges of stock market manipulation, a judicial source has said.

The decision came after Alaa and Gamal Mubarak's defence team filed an appeal against their detention. They will each pay LE100,000 (approx. $5,500) on bail.

The pair faces charges of violating stock market and central bank regulations in order to make illegal profits through insider trading. 

Five other men stand accused in the same case, including Yasser El Mallawany and Hassan Heikal, both respectively current and former board members at Egyptian investment bank EFG-Hermes.They will also be released on bail.

The case began in 2012 but Mubarak's two sons had been released on bail and banned from travel. The court has set 20 November as the date for the next session.

Alaa and Gamal Mubarak, along with their father, were sentenced in May 2015 to three years in prison following a conviction on corruption charges for embezzling millions of dollars of state funds intended to upgrade presidential palaces; rather the funds were diverted to renovate private family residencies.

The pair was freed five months later for their time already served.


 

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