Hermes managing director considers returning to Egypt to face stock market manipulation charges

Hassan Heikal, managing director of the Hermes financial group who is currently outside the country, received a call from a family member asking him to return to Egypt and face charges of manipulating the stock market for the benefit of the two sons of ousted President Hosni Mubarak, which he is considering.

Heikal and CEO Yasser al-Mallawany were referred to trial on Wednesday alongside Mubarak’s sons, Alaa and Gamal, as part of a probe into the dealings, according to the public prosecutor. The four are accused of illegal stock market trading of the shares of the Al-Watany Bank of Egypt.

Meanwhile, the group said it has received an offer from Planet EP Limited, which includes a group of Arab investors and Egyptian bankers, for a total acquisition after the attorney general announced the referral.

The stock exchange halted trading on Hermes stocks until the company responds to inquiries about the details of this acquisition.

Edited translation from Al-Masry Al-Youm

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