The Mubarak brothers questioned over 'forced foreign business partnerships'

Ahram Online, Sunday 17 Apr 2011

The two sons of the ousted president are finding no respite in prison, as investigators focus on their involvement in controversial privatisation deals and 'illegal' offshore accounts

Gamal & Alaa
Egyptian President Hosni Mubarak's sons Alaa Mubarak (L) and Gamal Mubarak in a visit to the late former President Anwar al-Sadat's tomb in Cairo during his 29th death anniversary October 6, 2010. (Reuters/Amr Abdallah Dalsh)

A team from the Public Prosecution office has visited Tora prison to question Gamal and Alaa Mubarak about alleged forced business partnerships they made with foreign multinationals trying to enter the Egyptian market.

The sons of the ousted Egyptian president were also questioned about their involvement in controversial privatisation bids for some of Egypt's largest formerly publicly-owned companies, as well as 'illegal' accounts and stakes they own in a Cyprus-based equity fund.

An Ahram Online investigative report has revealed that Mubarak’s sons have large business stakes in Bullion Company Ltd which runs a handful of investment funds, including Egypt’s EFG-Hermes.

Bullion is based in Cyprus, a favourite destination for some of Mubarak’s businesses. Over the last few decades the Mediterranean island has become a hub for money-laundering operations and offshore companies wishing to avoid paying taxes in their home country.

Last Wednesday Gamal and Alaa Mubarak were transferred under heavy guard from Sharm El-Sheikh to Tora prison on the southern outskirts of Cairo.

They joined a daily-rising group of members of Mubarak's defunct regime, now awaiting trials on serious charges, including NDP secretary general Safawat El-Sherif, organisational secretary Ahmed Ezz, speaker of parliament and ruling party whip Fathi Sorour, former prime minister Ahmed Nazif, former interior minister Habib El-Adly and several other government ministers and regime officials.

The prosecution ordered that Gamal and Alaa Mubarak be remanded in custody for 15 days, pending further investigation into charges of corruption levelled against them.

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