Egyptian businessman Hassan Rateb (Photo: Al-Ahram)
A South Cairo Court judge decided on Wednesday to renew the detention of businessman Hassan Rateb for 15 days pending investigations on the accusation of funding former MP Alaa Hassanin in illegal archaeological excavations.
The renewal decision comes a day after investigation authorities ordered the imprisonment of the businessman for a period of four days pending the investigations with him and the rest of the accused.
Also, the court of appeals ordered on Wednesday seizing Rateb’s funds and temporarily preventing him from disposing of his assets. This includes cash, stock market shares, bonds and bank deposits.
Rateb's arrest late on Monday came over his alleged involvement in financing a gang of 17 people, led by former MP Hassanin, according to a statement.
The investigations of the Public Prosecution revealed that Rateb funded Hassanin, his brother, and the gang members with millions of pounds to illegally excavate antiquities, the statement added.
Rateb, the former owner of Al-Mehwar satellite channel, is the chairman of Sinai University, Sama Group, and the Sinai Cement Company.
On Saturday, a South Cairo Court judge renewed the detention of Hassanin and three others for 15 days pending investigation into the case.