News

Egypt Court Orders Arrest of Alaa, Gamal Mubarak

Egypt Court Orders Arrest of Alaa, Gamal Mubarak

Gamal Mubarak and Alaa Mubarak, the sons of former Egyptian President Hosni Mubarak, have reportedly been arrested by Egyptian police after a Cairo court ordered their arrest.

On Saturday morning, the Cairo Criminal Court ordered the two Mubarak sons and other defendants be arrested in relation to a stock market manipulation case involving the sale of the National Bank of Egypt prior to 2011.

Alaa Mubarak took to Twitter following the Cairo Criminal Court’s ruling, stating that the truth will be revealed as long as God is around.

“Praise and thanks to God for everything. Our imprisonment was once again ordered in the stock market case and God willing the truth will be revealed one day as long as our God exists. Thank you to all of those who supported us and stood by us,” said Alaa Mubarak on Twitter.

According to Youm7, Gamal and Alaa Mubarak were promptly arrested following the Court’s order and transferred to Cairo’s infamous Tora Prison. Three others, including Hassan Heikal, have also reportedly been arrested.

The defendants were initially referred to court for allegedly obtaining illegal benefits in excess of EGP 51 billion. However, the Cairo Criminal Court is currently only considering allegations that the defendants obtained illegal financial benefits in excess of EGP 493 million from the sale of the National Bank’s shares.

Prosecutors allege that the defendants agreed to sell the National Bank in order to obtain a personal financial gain through the involvement of a company in Cyprus. Prosecutors allege that the defendants all had a link to this company and that a conflict of interest should have prevented the sale of shares to the Cypriot company.

The Mubaraks have previously been accused of using front companies in Cyprus and elsewhere to hide investments which raise a conflict of interest. The Panama Papers alleged that the Mubaraks managed to hide a number of large investments between 1996 and 2008, including in the National Bank, through a company registered in Cyprus. The Mubaraks have consistently denied the claims.

The Mubarak sons were released from prison in October 2015 after spending more than 43 months in jail for their involvement in a case commonly known in the media as the “presidential palaces” case.

Since their release from prison, they have largely remained out of the spotlight.

Egypt Seeks to Penalize Water Misuse
Prominent Egyptian Journalist Yosri Fouda Accused of Sexual Misconduct

Subscribe to our newsletter


News

More in News

Former Egyptian President Mubarak Passes Away Aged 91

Egyptian StreetsFebruary 25, 2020

Egyptian Woman Receives 1 Million EGP Compensation Over HIV Transmission From Husband

Egyptian StreetsFebruary 24, 2020

Egypt to Propose New Strict Penalties for Female Genital Mutilation

Egyptian StreetsFebruary 22, 2020

UAE Honors Sir Magdi Yacoub and Donates 360 Million for New Cairo Heart Center

Egyptian StreetsFebruary 22, 2020

Far Right Terrorist Kills 11 in Hanau Shisha Bars Shooting

Egyptian StreetsFebruary 20, 2020

First Case of Coronavirus in Egypt ‘Recovering’ and in ‘Good Health’, WHO Confirms

Egyptian StreetsFebruary 20, 2020

Over 180 Jews Fly in to Celebrate ‘Shabat’ at Recently Restored Alexandrian Synagogue

Egyptian StreetsFebruary 17, 2020

Egypt’s Musicians Syndicate Bans Popular Mahraganat Music

Egyptian StreetsFebruary 17, 2020