Anas El-Feky, Egypt's former information minister, has been released by the Cassation Court on Wednesday, who also ordered his case be retried.
His predecessor, Safwat El-Sherif, was also freed just one day before.
In September of last year, El-Feky was given a seven-year prison sentence for squandering some LE1.8 million (roughly $230,000) from the government-run Egyptian Radio and Television Union.
El-Feky served as Mubarak's information minister from 2004 to 12 February 2011, resigning the day after Mubarak was ousted.
This comes in the wake of the release of former secretary-general of Mubarak's now-defunct National Democratic Party (NDP), Safwat El-Sherif, who was freed on Tuesday on LE50,000 ($8,200) bail.
El-Sherif, who served under Mubarak as information minister and the upper house parliament speaker, is accused of illegally obtaining some LE300 million (roughly $49.2 million) during his long Mubarak-era political career.
Prosecutor-general, Judge Talaat Abdullah, has already filed an appeal against the release of El-Feky.
This article was corrected on 27 December - thanks to our reader Shawkat.