Investigators reveal more details on Mubarak family finances

The Illicit Gains Authority recieved further reports from prosecutors on Thursday regarding their investigations into the wealth of deposed President Hosni Mubarak and his family.

Investigators have revealed that Mubarak’s mansion in Sharm el-Sheikh is worth more than LE40 million, and that former officials manipulated the stock exchange in favor of his son Alaa.

Prosecutors state that officials allowed Alaa Mubarak to make more than LE30 million in profits in 1990 when he bought shares of the Palm Hills Company for LE99 per share and sold them for LE900 per share a week later.

They also discovered that he made hundreds of millions of pounds in closed public offers known as Horus1, 2 and 3, which were specially geared for him.

He is also said to have kept millions more in a bank account belonging to the charity that he formed and named after his deceased son Mohamed, which is managed by Hosni Mubarak’s wife Suzanne.

Prosecutors also sent reports about bank accounts and real estate belonging to Suzanne Mubarak, her other son Gamal, and his wife Khadiga al-Gammal.

Translated from the Arabic Edition

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