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Elham AbolFateh

Egypt

Mubarak sons’ “Stock Market Manipulation” case resumes

Saturday 18/November/2017 - 10:07 AM
Sada El Balad
Sada ElBalad- Basant Ahmed
Cairo Criminal Court resumes today Saturday the trial of Alaa and Gamal Mubarak and other codefendants over charges of stock market manipulation.

The two sons of the ousted president Hosni Mubarak، together with seven entrepreneurs and officials at the Egyptian National Bank face charges of wasting public money and damaging banking system through garnering illegal profiteering.

Alaa and Gamal are accused of illicitly gaining EGP 12 million and funneling more than EGP 1 billion to other profiteers.

Earlier, Cairo Criminal Court headed by Councilor، Abdel Tawab Ibrahim acquitted Mubarak-era Multi Billionaire، Hussein Salem in exporting gas to Israel at below market value. 

Noteworthy، Salem، a tycoon of the natural gas and real estate industries، who was a close associate of ousted President Hosni Mubarak، has been residing in Spain since fleeing Egypt during the popular uprising of 2011.
Salem’s lawyers reached a deal in August 2016 to settle his financial differences with state authorities، through an out-of-court settlement. 

According to this settlement، Salem and his lawyers had agreed to handover 75 percent of his total wealth to the Egyptian state.

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