Egypt court rejects appeal by Mubarak to unfreeze stock market assets

El-Sayed Gamal El-Din , Thursday 25 May 2017

Mubarak "Al-Ahram"
A file photo of Former Egyptian President Hosni Mubarak (Photo : Al-Ahram)

A Cairo court rejected on Thursday an appeal filed by former president Hosni Mubarak and his sons Alaa and Gamal against the prosecution’s order to freeze EGP 61 million of their assets in February 2011, Al-Ahram Arabic news website reported.

Mubarak and his sons argued in their appeal – which they filed in March – that the continued freeze on their stock market shares is illegal.

Egypt's Central Clearing, Depository, and Registry Company has been the legal custodian of the stock market shares of Mubarak and his family since the prosecutor-general ordered the asset freeze in February 2011. 

In March, the prosecutor-general ordered Mubarak's release following his acquittal earlier that month on charges of killing protesters during the 25 January Revolution.

Since his ouster in 2011, Mubarak stood trial in a number of criminal cases on various charges but has received only one final conviction in a corruption charge.

In January 2016, the Court of Cassation upheld a three-year prison sentence for Mubarak and his two sons for using public funds – slated for the maintenance of presidential palaces – to upgrade their private properties.

Mubarak was released for time served shortly after the verdict.

Following the verdict in that case, Mubarak's sons were also released for time served, as they had already been behind bars for more than three years pending investigation.

Mubarak is still banned from travel pending investigations by the Illicit Gains Authority into the increase in his personal wealth since the 2011 revolution, according to his lawyer Farid El-Deeb.

Prior to his release, the 89-year-old Mubarak was confined to Maadi Military Hospital for treatment since 2012.

The former autocrat ruled Egypt from 1981 until a popular uprising ousted him on 11 February 2011.

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