Egypt: Stock market manipulation charges brought against the sons of former President, Hosni Mubarak
Gamal and Alaa Mubarak, the two sons of former Egyptian President, Hosni Mubarak, face criminal charges of alleged stock market manipulation. The charges, reported by state television, include violating stock market and central bank rules to gain unlawful profit through dealings in shares in Al Watany Bank of Egypt, a listed bank. Others facing criminal charges include Yasser El Mallawany and Hassan Heikal, board members and joint chief executive officers of Egyptian investment bank, EFG-Hermes.
The announcement came three days before the verdict was due to be issued in a separate trial in which Gamal and Alaa stand co-accused with their father for their role in alleged corrupt dealings. However, the three men were ultimately cleared of corruption on 2 June 2012 as a result of the country’s statute of limitations.
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