Gamal and Alaa Mubarak to remain in prison for graft case

Ahram Online, Saturday 2 Jun 2012

Both Mubarak's sons, Alaa and Gamal, will remain in prison until their second draft case is held

Gamal and Alaa Mubarak
File photo: This video image taken from Egyptian State Television shows Hosni Mubarak's son Alaa speaking into a microphone as his brother Gamal looks on in a cage of mesh and iron bars in a Cairo courtroom Wednesday Aug. 3, 2011. (Photo: AP)

Ousted president Mubarak's sons, Gamal and Alaa Mubarak, will still sit in jail until they face the graft case related to stock market corruption, clarified security sources to Al Jazeera Mubasher Misr channel after a judgment in another case today seemed to release them.

The brothers' first graft case, where they were tried along with their father, was dropped on Saturday. This is one of the judgements issued today that has enfuriated many Egyptians and has them taking to the streets to protest.

Gamal and Alaa are charged with accumulating LE2.51 billion in illicit profits by violating capital market laws and taking control of a majority stake in AWB through investment and private equity funds that they controlled.

Judge Adel El-Saeed said the accusations include a claim that the accused made use of private equity funds based in Cyprus and the British Channel Islands to trade on AWB shares and gain large profits.
He claimed that the accused had deliberately hidden their identities and other essential information, damaging the principles of equal opportunity and transparency of information.
El-Saeed said the accused may have managed to take control of an 80 per cent stake in the bank, giving them control over its management.
The two sons of Egypt's ex-president and the two chief executives of investment bank EFG-Hermes Hassan Heikal and Yasser El-Mallawany will stand trial alongside five others for corrupt stock exchange dealings.

In today's trial, the two sons were accused of illegally accepting gifts of five villas as well as two million metres of land in Sharm El-Sheikh from businessman Hussein Salem, a fugitive and co-defendant in today's trial. This case, however, was dropped.

Short link: