Mubarak sons in court on stock market manipulation charges

The Cairo Court of Appeals on Monday is scheduled to try Alaa and Gamal Mubarak on charges that they illegally obtained about LE2.51 billion from Al-Watany Bank of Egypt.

Public Prosecutor Abdel Meguid Mahmoud had earlier referred former President Hosni Mubarak’s sons, along with seven other people, to criminal court in the case.

Investigations suggest the defendants obtained the money by manipulating the stock exchange, Assistant Prosecutor Adel al-Saeed said in a previous statement.

Saeed said the defendants broke provisions of the capital market and central bank laws by agreeing to control the bank’s shares and creating a share for themselves. They allegedly buried and then sold the largest proportion of small investors’ shares, but did not disclose this to the stock exchange.

The defendants are accused of concealing their identities during the bank share dealings through cluster companies and personal closed investment funds located in Cyprus and the British Isles, and transferring their profits abroad.

Edited translation from Al-Masry Al-Youm

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