Egyptian Court Releases Ex-President Mubarak's Sons On Bail In Stock Fraud Case - Reports

The criminal court of Cairo decided to release the sons of former President Hosni Mubarak suspected of stock exchange fraud on 100,000 Egyptian pounds' ($5,500) bail on Thursday, local media reported.

CAIRO (UrduPoint News / Sputnik - 20th September, 2018) The criminal court of Cairo decided to release the sons of former President Hosni Mubarak suspected of stock exchange fraud on 100,000 Egyptian Pounds' ($5,500) bail on Thursday, local media reported.

Alaa and Gamal Mubarak along with seven other suspects, who are their business partners, were arrested last week. The next court hearing on the case is set for November 20, the Youm7 media outlet reported.

The suspects are accused of making unlawful profit through operations with the shares of Al Watany Bank of Egypt in 2007. They allegedly have acquired the shares through front companies registered in offshores, failing to disclose real owners of the shares, which is a violation of the market rules in Egypt, according to the outlet.

In February 2011, Mubarak resigned amid protests in the country and the following year he received a life sentence for "failure to stop the killings" during the 18-day uprising that left over 800 people dead. The court's decision was appealed and a new trial was ordered. Mubarak was discharged on every count of being involved in the killing of protesters in 2014. The Prosecutor General's Office appealed the court's decision, claiming a number of procedural irregularities had taken place. In early March 2017, the Egyptian Court of Cassation acquitted Mubarak of charges of complicity in the deaths of protesters. The Egyptian General Prosecutor's Office agreed to release Mubarak on March 13.