CAIRO: A local Egyptian newspaper has reported that the sons of deposed Egyptian President Hosni Mubarak, Alaa and Gamal, allegedly manipulated the country's mutual funds, Egypt's debt and privatization of government-owned companies. The report, published by al-Youm al-Saba'a said the two also established commissions from sales and partnerships within a number of companies and were instrumental in “manipulating the stock exchange and committed illegal deeds, which wasted public money.” The report, based on a judicial source, said that the prosecution in the case against the Mubaraks on corruption charges has called in for questioning a member of the board of directors of EFG-Hermes, a leading investment bank based in Egypt. The report said the official was also involved in manipulating the country's stock market. The EFG-Hermes member revealed Gamal and Alaa Mubarak were involved in wasting public money. According to the investigations, “Gamal Mubarak was appointed a representative of the Egyptian Central Bank in the board of directors of Arab African International Bank.” Financial remittances unearthed Mubarak's sons involvement in money laundering in companies of mutual funds in Cyprus, which were financed by foreign companies in Britain, The Virgin Islands and the Cayman Islands, the newspaper reported. “Those companies are known as offshore companies, which veil all information and data of its real owners,” it said. The offshore companies were run on behalf of Egyptian businessmen, who will also be called in for questioning before the prosecution to give statements. Gamal and Alaa are currently on trial for corruption and wasting public funds. They could face stiff prison sentences if found guilty. BM
