Cairo Court Orders Mubarak's 2 Sons Detained for Bourse Manipulation

Published September 16th, 2018 - 07:06 GMT
Alaa (R) and Gamal Mubarak, sons of ousted Egyptian president Hosni Mubarak, standing inside a cage in a courtroom during their verdict hearing in Cairo. (AFP/File)
Alaa (R) and Gamal Mubarak, sons of ousted Egyptian president Hosni Mubarak, standing inside a cage in a courtroom during their verdict hearing in Cairo. (AFP/File)

The Cairo Criminal Court on Saturday ordered that Alaa and Gamal, sons of former president Hosni Mubarak, be detained along with five other people on charges of “stock exchange manipulation.”

The court adjourned the case until October 20, returning the report from the Experts Committee after it was found to be incomplete.

The defendants in the case were referred to trial in May 2012 after investigations by the illicit Gains Authority revealed that the defendants received funds from abroad to fake bank accounts, taking over shares for the al-Watany Bank of Egypt.

Egypt’s public prosecutor said that Alaa, Gamal and seven others were referred to the criminal court on charges of violating stock market and Central Bank rules to gain unlawful profits.

The prosecution charged the defendants with obtaining LE2.5 billion, they amount they made off of selling the al-Watany bank, in violation of Capital Market Law and the Central Bank.

This article has been adapted from its original source.

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