Prominent business tycoon and Al-Masry Al-Youm founder Salah Diab and his son were released on bail (LE 50,000 and 10,000 respectively) on Wednesday.
Diab and his son Tawfik, the CEO of PICO International Petroleum, were arrested Sunday over charges of unlicensed arms possession and financial corruption.
Diab is also being implicated in an investigation where he and several other allegedly seized state land at a price less than their real value.
Also,the assets of Diab, Mahmoud Al-Gammal and other businessmen in New Giza housing project were frozen by the government as they are being investigated on corruption related charges.
