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Stock Market Manipulation Case to be transferred to another court
Published in The Egyptian Gazette on 20 - 09 - 2018

CAIRO, Sept 20 , 2018 (MENA) - Cairo Court of Appeal approved on Thursday a request filed by Gamal and Alaa Mubarak and Yasser Souliman el Malwani to transfer "Stock Market Manipulation Case" to another court.
The Cairo Criminal Court has rejected an appeal by the defendants over remanding them in custody in connection with the sale of Al Watany Bank of Egypt, widely known as the "Stock Market Manipulation" case.
Gamal and Alaa, the sons of former president Hosni Mubarak, along with seven former officials and members of the board of directors of El Watany Bank of Egypt, face charges of making illicit gains via selling the bank assets, squandering public funds, thus causing heavy losses to the national economy.
They are also indicted for destroying the country's banking system through manipulating the stock exchange.
The prosecution charged the defendants with obtaining a sum of EGP 493.6 million; the value of selling the bank, in violation of the provisions of the Capital Market Law and the Central Bank of Egypt regulations.
The defendants agreed to control the shares of the bank by forming a controlling stake through the purchase of closed investment funds and selling them without disclosing their identity on the stock exchange, according to investigations.


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