Schneider Electric Expands Youth Partnership with Enactus to Drive Inclusive Energy Transition in Egypt    China's Jiangsu Zhengyong to build $85m factory in Egypt's Ain Sokhna: SCZONE    Egyptian pound ticks up vs. US dollar at Thursday's close    Egypt condemns Israeli plan to build 3,400 settler homes in West Bank    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Egypt, Namibia explore closer pharmaceutical cooperation    Egypt, China ink $1bn agreement for Sailun tire plant in SCZONE    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's Electricity Minister discusses progress on Greece power link    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    27 Western countries issue joint call for unimpeded aid access to Gaza    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Korean Cultural Centre in Cairo launches folk painting workshop    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Mubarak's sons acquitted of corruption charges
Published in Ahram Online on 25 - 02 - 2020

After eight years of deliberations, a Cairo Criminal Court on 22 February ordered that Alaa and Gamal, the two sons of former president Hosni Mubarak, and others be acquitted in the case known as “manipulation of the stock market”.
The court said it would postpone its ruling on preventing nine defendants, including Gamal and Alaa, from disposing of their money and removing them from the travel ban list on 11 March.
Alaa and Gamal Mubarak were among eight defendants who were acquitted of the charge of profiteering from illicit share trading during the sale of Al-Watany Bank of Egypt to the National Bank of Kuwait in 2007. The ruling was issued by judge Khalil Omar Abdel-Aziz.
The other six defendants who were acquitted included former EFG Hermes co-CEOs Hassan Heikal and Yasser Al-Mallawani.
Although the prosecution has the right to appeal the ruling, sources said it is not expected to do so and that the court might even lift a travel ban on the defendants and on disposing of their money on 11 March.
Osama Ebeid, the lawyer of one of the defendants, said the acquittal comes after a report prepared by a panel of banking and stock market experts, upon the court's order to investigate the case, agreed that the sale of the bank was in line with the stock market law, and that neither financial wrongdoing nor profiteering practices were committed.
A report by the daily Al-Masry Al-Youm on Monday said that Hosni Mubarak smiled broadly when he heard that his two sons were acquitted of the profiteering charges.
Heikal, who returned to Egypt to stand trial in the case, said that he wished that his father, former journalist Mohamed Hassanein Heikal, was still alive to see that he was acquitted of the charges. Heikal died in February 2016.
The Mubaraks' family lawyer Farid Al-Deeb said that the ruling came after the court had found no direct link between Gamal and Alaa and other defendants and the sale of Al-Watany Bank. El-Deeb indicated that the prosecution still has the right to appeal within 60 days.
Former prosecutor-general Abdel-Meguid Mahmoud referred the defendants to the Cairo Criminal Court in 2012, accusing them of illegally acquiring LE51 million from the sale of Al-Watany Bank in 2007.
The prosecution also charged Gamal Mubarak with participating in the crime of profiteering and illegally acquiring for himself and his companies more than LE493 million by agreeing to sell Al-Watany Bank to achieve financial gains for himself and others, and enabling him to acquire shares from the bank via a company in Cyprus.
In September 2018, a Cairo criminal court ordered the release on bail of the Mubarak brothers just five days after their arrest over charges in the same case.
The case began in 2012 but Mubarak's sons had been released on bail and banned from travelling. Since the 2011 ouster of Hosni Mubarak, a number of legal lawsuits have been filed against the former president and his relatives.
Bahaaeddin Abu Shoka, a lawyer who worked on the case, alleged in a TV interview that Al-Watany Bank case was forged. “A document submitted to court back when the insider trading case first filed in 2012 was found to be forged as some people were deliberately pushing the case due to post-2011 anti-Mubarak public sentiment,” Abu Shoka said.

*A version of this article appears in print in the 27 February, 2020 edition of Al-Ahram Weekly


Clic here to read the story from its source.