Mubarak’s sons request reconciliation in stock market manipulation case

Judicial sources on Tuesday said that Alaa and Gamal Mubarak requested reconciliation with the attorney general two days ago in the stock exchange manipulation case, and offered to pay back some LE42 million that they are accused of having made illegally.

The request was submitted by the office of their lawyer Farid al-Deeb, who is currently in Paris.

The sources added that the attorney general referred the request to the Financial Supervisory Authority, and explained that reconciliation in this case is permissible, as it is a case of misdemeanor and not felony.

Different judicial sources said such a request should be submitted to the respective court and not to the attorney general, as he is no longer responsible once a case is referred to court.

Investigations by the illicit Gains Authority has revealed that the defendants received funds from abroad to fake bank accounts and took over the shares of Al-Watany Bank of Egypt.

Egypt's public prosecutor said in a statement on 30 May that Alaa, Gamal and seven others were referred to criminal court on charges of violating stock market and Central Bank rules to gain unlawful profits through dealings in shares in Al-Watany Bank of Egypt, a listed bank.

Alaa and Gamal are also being investigated on charges of seizing public funds and state-owned lands by taking advantage of their father’s position. The land was allegedly granted to them by direct order from the former housing minister, Ibrahim Suleiman.

Cairo Criminal Court on Saturday cleared Mubarak and his two sons of financial crimes regarding their involvement in selling state land at below-market prices because 10 years have passed since the alleged crimes were committed.

Edited translation from Al-Masry Al-Youm

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