The Cairo Criminal Court has ordered the arrest of ousted Egyptian President Hosni Mubarak’s two sons for violating the rules of the Egyptian Exchange (EGX) and the Central Bank of Egypt (CBE) to make unlawful profits through dealing in shares of Al Watany Bank of Egypt (AWB).
Alaa and Gamal Mubarak, as well as other seven other men accused of stock market manipulation, have denied any wrongdoing, Reuters reported.
The current and former board members Yasser El Mallawany and Hassan Heikal, respectively, at Egyptian investment bank EFG Hermes were also detained, the London-based news agency said, citing a judicial source.
The leading investment bank said on Sunday it is not a part of the manipulation case and all the company’s activities and business will carry on as usual in light of the current management, according to a bourse filing.
In the same vein, Amr El-Kady, head of risk management and investor relations at Qalaa Holdings has been also detained for holding qualifying shares as a board member in AWB, Qalaa revealed in a filing to the Egyptian bourse.
Qalaa stressed it has never traded on AWB’s shares and it has not been a shareholder or a board member of it, adding that its business is stable as it is not a part of the case.
All the accused in the case, which began in 2012, had been released on bail and barred from travel, Reuters said.
The trial has been adjourned to 20 October.
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