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Egyptian court orders arrest of Mubarak’s sons over stock market manipulation

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CAIRO (Reuters) – An Egyptian criminal court ordered the arrest of ousted President Hosni Mubarak’s two sons on charges of stock market manipulation, state news agency MENA reported Saturday.

Alaa and Gamal Mubarak, with seven other men, are accused of violating stock market and central bank rules to make unlawful profits through dealing in shares of Al Watany Bank of Egypt.

They deny any wrongdoing.

Three other men including Yasser El Mallawany and Hassan Heikal, current and former board members respectively at Egyptian investment bank EFG-Hermes, were also arrested, a judicial source said.

All those accused in the case, which began in 2012, had been released on bail and barred from travel.

Mubarak’s eldest son, Alaa, is a businessman. Gamal, a former banker, was widely viewed as being groomed for Egypt’s top job until Mubarak was toppled in February 2011.

The pair had been free since 2015.

The court’s next session is set for Oct. 20.

FILE PHOTO: Gamal (L) and Alaa Mubarak, sons of Egypt’s former president Hosni Mubarak, react behind bars during their trial with their father (not pictured) inside a dock at the police academy, on the outskirts of Cairo, May 9, 2015. REUTERS/Amr Abdallah Dalsh

Reporting by Ahmed Tolba and Haithem Ahmed; writing by Nadine Awadalla; editing by Jason Neely

Our Standards:The Thomson Reuters Trust Principles.


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