The sons of Egypt’s ousted president Hosni Mubarak may be summoned before the country’s Illicit Gains Authority for questioning over the recently leaked 'Panama Papers' for allegedly offshoring money, an anonymous Egyptian judicial source told Ahram Online on Monday.
On Sunday, the US-based International Consortium of Investigative Journalists (ICIJ) launched its Panama Papers project; a global investigation “into the sprawling, secretive industry of offshore that the world’s rich and powerful use to hide assets and skirt rules by setting up front companies in far-flung jurisdictions,” according to ICIJ website.
ICIJ said that its investigations revealed the names of 140 politicians and their relatives and associates in a cache of 11.5 million leaked files from Panama's Mossack Fonseca, one of the biggest offshore service providers.
Mubarak’s eldest son Alaa was revealed to be involved in dealing with Mossack Fonseca through his British Virgin Islands firm Pan World Investments Inc., which is managed by Credit Suisse.
"Our firm has never been accused or charged in connection with criminal wrongdoing," a Mossack Fonseca public relations officer told ICIJ.
ICIJ clarified that persons, companies or other entities included in its investigation have not necessarily broken the law or otherwise acted improperly, as there are legitimate uses for offshore companies, foundations and trusts.
Alaa and Gamal were released from prison in January 2015 after serving the maximum pre-trial detention period of 18 months.
Their release decision overturned a lower court conviction that saw the pair given four-year jail sentences and a three-year sentence for the elder Mubarak.
They were charged with embezzling public funds earmarked for the renovation of presidential palaces and using the money to spruce up private properties.
A Cairo court dropped other graft charges against the two sons in late 2014.