Capital Market Authority chairman grilled over corrupt stock exchange dealings

The Illicit Gains Authority (IGA) started investigations on Sunday into Ahmed Saad Abdel Latif, former chairman of the Capital Market Authority, who is suspected of helping Alaa Mubarak, son of deposed President Hosni Mubarak, to illegally profit from the stock exchange.

Abdel Latif is alleged to have helped the former president's son make LE330 million in profits by manipulating the stock market in favor of Palm Hills Urban Development Company, in which Mubarak owns shares.

Abdel Latif, who has been temporarily released pending further investigation, was presented with reports from the Financial Supervisory Authority and the Public Funds Prosecution.

The IGA also decided to summon the chairman of the stock exchange for investigation.

Translated from the Arabic Edition

Related Articles

Back to top button