Tuesday, June 11, 2013

Giza court orders release of Mubarak sons in stock market case

The Giza criminal court has released former president Hosni Mubarak's sons Alaa and Gamal pending trial in a corruption case where they face accusations of stock market manipulation.

However, the two will remain in detention despite the release order as they face additional charges in court.
Alaa, Gamal, and six others were referred to the criminal court for violating stock market and central bank rules to gain LE2.051 billion worth of unlawful profits through dealings in shares of Egypt's Al-Watany Bank.
The brothers face additional charges of illegally using funds allocated for expenditure on presidential palaces for their private villas.
They are also accused of purchasing land from the Pilots Land Association below market value.
The land was reportedly sold for 75 piastres per square metre, when the market price was LE8 at the time.
Alaa and Gamal, who was once presumed heir to Mubarak's presidency, have been detained pending investigations into multiple charges since May 2011.

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