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Prosecutors request seizing funds of Gamal, Alaa Mubarak in 'manipulation of stock market' case.

Egypt's General Prosecution requested from the Cairo Criminal Court on Saturday to confiscate the funds belonging to the sons of ex-President Mubarak, Alaa and Gamal, which are held in Cyprus during a trial session in the 'stock exchange manipulation' case.

The court listened to testimonies of Alaa and Gamal and seven other defendants in the case during the session. Both defendants rejected to provide their testimonies claiming the absence of their lawyer.

The defendants in the case were referred to trial in May 2012 after investigations by the Illicit Gains Authority revealed that the defendants received funds from abroad for counterfeit bank accounts, taking over shares for the Al-Watany Bank of Egypt.

The representative of the prosecution explained that its requests came as part of the legal role in initiating the criminal case, and summoned the former head of the Financial Supervisory Authority, Sherif Samy, and the former head of Egyptian Stock Exchange, Mohamed Omran, for questioning over some documents.

The prosecution accused Mubarak of participating in assisting with public officials in the crime of profiteering and obtaining illegal money for himself and his companies which amounted EGP 493m, 628,000 and EGP 646, after agreeing on selling the bank, as well as enabling him to acquire a share of the bank's shares through one of his companies in Cyprus. Meanwhile, it accused Alaa for participating with public officials to receive payments of EGP 12m, 253,000 and EGP 442 through the purchase of bank shares.

In September, the court approved the complaint filed by Alaa and Gamal Mubarak and five other defendants against the decision of their imprisonment and released them on bail of EGP 100,000.

Previously, Egypt's public prosecutor said that Alaa, Gamal and seven others were referred to the criminal court on charges of violating stock market and Central Bank rules to gain unlawful profits.

The prosecution charged the defendants with obtaining LE2.5bn, the amount they earned from selling the Al-Watany Bank, in violation of the Capital Market Law and the Central Bank.

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Publication:Daily News Egypt (Egypt)
Geographic Code:7EGYP
Date:Jan 19, 2019
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