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Egypt Requests Seizing Gamal Mubarak’s Funds in Cyprus

Egypt Requests Seizing Gamal Mubarak’s Funds in Cyprus

Sunday, 20 January, 2019 - 13:30
Gamal Mubarak. Asharq Al-Awsat

Egypt’s General Prosecution requested from Cairo Criminal Court on Saturday to confiscate the funds that are held in Cyprus and belong to the sons of former President Hosni Mubarak, Alaa and Gamal.

In a trial session in the ‘stock exchange manipulation” case, the court listened to Alaa and Gamal’s testimonies along with seven other defendants.

The court decided to adjourn their trial to March 23, and the public prosecution called for summoning more witnesses in the case.

In September, the court approved the complaint filed by Alaa and Gamal Mubarak and the other defendants against the decision of their imprisonment and released them on bail of EGP100,000.

The representative of the prosecution explained that its requests came as part of the legal role in initiating the criminal case and summoned former Head of the Financial Supervisory Authority Sherif Samy and former Head of Egyptian Stock Exchange Mohamed Omran for questioning over some documents.

Investigations carried out by Egypt following the overthrow of Mubarak in 2011 showed that his sons owned companies in partnership with other parties in Cyprus, but Egypt had not yet recovered the funds.

The prosecution accused Gamal Mubarak of participating in assisting with public officials in the crime of profiteering and obtaining illegal money for himself and his companies.

It said parties agreed to sell one of the banks, enabling him to acquire a percentage of the bank’s shares through one of his companies in Cyprus.

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