Public prosecution logo is seen on the building. Photo courtesy of Egyptian National Media Authority.
The prosecution stated that the decision comes in light of parallel financial investigations into the defendants’ alleged criminal proceeds, and findings from security agencies indicating that the suspects had allegedly resorted to money laundering schemes aimed at concealing the origins of illicit funds and severing their link to unlawful activity.
The measures include the freezing of all movable and immovable assets, including cash, shares, bonds, securities, bank accounts, safety deposit boxes, electronic wallets, and real estate properties. The defendants have also been barred from disposing of their assets pending the outcome of the case.
The prosecution instructed all relevant authorities, including banks, the Real Estate Registry, and the stock exchange, to enforce the decision, and confirmed that the accused have been placed on travel ban lists.
Nakhnoukh and several associates were arrested following a financial dispute at a luxury car dealership in New Cairo.
The Public Prosecution announced on Saturday that it had ordered the detention of Nakhnoukh and several others, including members of his family, pending investigations into allegations, including assault, theft, illegal weapons possession, and operating a criminal network involved in acts of violence and intimidation.
A judicial source said on Monday that measures were taken to ensure the continued operation of companies linked to the case, stressing that the precautionary actions against any shareholder do not affect the businesses’ operations, employees’ rights, or obligations toward clients and partners.
Nakhnoukh’s past criminal record is defined by a major 2013 conviction following a high-profile raid on his Alexandria villa by Egyptian security forces.
In May 2013, the Alexandria Criminal Court sentenced him to life imprisonment of 25 years for the unlicensed possession of firearms, forgery of official documents, and the illegal breeding of dangerous wild animals. He received an additional three-year sentence for the possession of narcotics intended for personal use.
Although Egypt’s highest appellate court, the Court of Cassation, officially rejected his appeal and upheld the 28-year sentence in November 2014, he was prematurely released from prison in May 2018 after receiving a presidential pardon.
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