The two sons of Egypt’s ousted President Hosni Mubarak will face charges of stock market manipulation, the public prosecutor said yesterday, three days before a court was due to issue a verdict in a separate trial for their role in alleged corruption.
Gamal and Alaa Mubarak are already standing trial with their father in a case in which the former president is facing charges of graft, as well as complicity in the killing of protesters who rose up against him last year. The verdict in that trial is expected on Saturday.
Mubarak’s eldest son, Alaa, is a businessman. His youngest son, Gamal, a former banker, was widely viewed as a being groomed for Egypt’s top job until Mubarak was toppled on Feb. 11, 2011. Both are in their 40s.
Egypt’s public prosecutor said in a statement Alaa, Gamal and seven others, were referred to the criminal court on charges of violating stock market and central bank rules to gain unlawful profits through dealings in shares in Al Watany Bank of Egypt, a listed bank.
All those accused in the case were released on bail and barred from travel, except Gamal and Alaa, who were ordered to remain in detention and had their assets frozen pending the trial.
The public prosecutor’s statement said that others referred to trial alongside Mubarak’s sons included Yasser El Mallawany and Hassan Heikal, board members and joint chief executives officers of Egyptian investment bank EFG-Hermes.
Stock fraud new trouble for Mubarak sons
