Preview: Hosts Egypt look for more attacking flair in second AFCON clash    BREAKING: Terrorist Hisham El-Ashmawy being retried in five cases for supporting, carrying out attacks    UK's BlueMac signs MOU with Egypt on establishing waste management joint venture    Egypt PM, Germany's Siemens discuss boosting cooperation    Trump threatens attacks on Iran in retaliation for strikes    Egyptian Takaful Insurance eyes $9.6 mln activity surplus end-June 2020    Global green bond issuance exceeds $100 bln in 2019: data    US will keep looking to do more Iran sanctions: Envoy    Egypt's new budget and development plan approved by parliament    Iran minister says Tehran fully prepared to tackle US sanctions: Tasnim    Suarez appeals for penalty for handball by Chile goalie    Johnson is serious about going through with no-deal Brexit    U.S., Saudi Arabia, UAE, UK express worries over MENA's escalating tensions    'I'm not the problem,' says Ecuador coach after Copa exit    Chinese stocks tumble; investors await Trump-Xi meeting    Dollar falls on Fed prospects; safe-haven Swiss franc, gold shine    'Everything is stolen from us': Tunisians fight to preserve cultural heritage    Sisi praises Egyptian fans' behaviour during 2019 AFCON opener    Egypt slams Human Rights Watch director's tweets on Morsi's    Egypt dazzles us with a breath taking AFCON 2019 opening    Egypt makes winning start to Africa Cup of Nations    Mourning a dog can be harder than losing a relative or friend    Egypt says to launch hepatitis C medical examination initiative in Africa    China needs around $440 bln to clean up rural environment – People's Daily    Egypt calls for speeding up talks on Ethiopia's GERD dam    Egypt trying to halt Tutankhamun statue sale in London    20 million drug tablets smuggling foiled in Damietta    Art Alert: Little Eagles to screen at KMT    New academic year to start 21 Sept: Egypt's Supreme Council of Universities    INTERVIEW: Investigating terrorism funded by Qatar and Turkey    In Photos: Egyptian Museum in Tahrir inaugurates new path for the visually impaired    Playing victim    Morsi dies    A painless commute    United against corruption    Africa welcomed home    Food on Facebook    Beef olives with an Oriental twist    Tanker war puts pressure on Iran    Losing is not an option    Promoting football tourism    Al-Sisi in Eastern Europe    Singer Nesma Mahgoub at Cairo Opera House Summer Festival    Mervat Shazly showing at Salama art gallery    The mummies go to the NMEC    Muslim Brotherhood: Playing victim    Egypt FM spokesman condemns OHCHR statement on Morsi's death for 'lack of integrity and objectivity'    Saudi Arabia celebrates Eid al-Fitr with 13 Arab artists    

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

Market Manipulation Case Adjourned Till Oct 7th
Published in Amwal Al Ghad on 08 - 09 - 2012

Cairo Criminal Court, headed by Judge Mohamed Reda Shawkat, adjourned Saturday the consideration of the market manipulation case of which the sons of the ousted president Hosni Mubarak, Alaa and Gamal as well as EFG-Hermes CEO Hassan Heikal face charges alongside 6 other businessmen. The court was adjourned until Saturday 7/10/2012.
the defendants got EGP 2,051,028,648 and that they violated laws of capital market and Central Bank of Egypt through buying a controlling stake in Al-Watany Bank of Egypt (AWB) from young investors through closed investment funds and selling them without informing Egypt's stock market.
The defendants veiled their identities through business clusters and closed investment funds in Cyprus and some British islands. They bought and sold the shares and then transferred their profits outside the country. Besides, they veiled crucial information about selling the Bank from other shareholders, violating principles of transparency and equality among shareholders.
The accused acquired a controlling stake in AWB with the least prices and then gradually acquired 80% of the Bank's shares through investment fund managers, financial portfolios and brokerage companies. Afterwards, they controlled the Bank's board and became representatives of the largest shareholders.
They assigned two divisions subordinate to them to promote for selling the Bank by virtue of the agreement signed between them in 27/12/2006, which was not known for other shareholders. Afterwards, they, their partners and the sixth, seventh, eighth and ninth defendants got the previously said money which is the price difference between the purchasing price and selling price of these shares.
Gamal Mubarak was accused of cooperating with public servants over graft charges as they received EGP 496,628,646 after agreeing on selling AWB to achieve illicit profits for them and their partners by acquiring a controlling stake in the Bank through a company in Cyprus which is contributing in a direct investment company in British Virgin Islands that manages an offshore fund.
The defendants acquired a controlling stake in AWB, controlled its board and sold the Bank, violating the regulatory procedures and regulations that obligate disclosing information to the stock market that may affect the price of the shares.
Alaa Mubarak was also accused of cooperating with civil servants to have illicit profits of EGP 12,235,442 through purchasing shares in AWB after being informed with the crucial information from the other defendants.

Clic here to read the story from its source.