Witnesses summoned in stock exchange case

The Financial and Commercial Prosecution Office has ordered investors who filed complaints against Maged Shawqy, former chairman of the Egyptian Stock Exchange, and Ziad Bahaa Eddin, president of the Egyptian Financial Supervisory Authority, to appear in court next Sunday to give their testimonies, judicial sources have told Al-Masry Al-Youm.

Shawky and Bahaa Eddin have been accused of misusing of public funds and harming the Egyptian economy.

According to one of the sources, the summoning was in line with standard judicial process. He added that if preliminary investigations support the witnesses’ accounts, the defendants will then be summoned to hear the witnesses’ testimony against them, which he said was their right under law.

Zakria Ismail, a lawyer representing a number of stock market investors, had filed a complaint against Shawky and Bahaa Eddin for allegedly issuing administrative orders barring certain brokerage companies from trading in the exchange.

“The investigation will begin with three investors on Sunday, according to the general prosecutor’s request,” said Ismail. “I will present documents that support the accusation of misusing of public funds.”

Bahaa Eddin issued a statement on Tuesday stating that he had not yet been summoned to appear in court, adding that appearing in court would not be insulting to him. He also stressed that anyone is legally entitled to file a complaint and that the prosecution team was doing its duty by summoning witnesses.

Ibrahim el-Nagib, one of those investors who filed the complaint against Shawky and Bahaa Eddin, said he will appear at the Financial and Commercial Prosecution Office on Sunday, where he will present the prosecution team with documents supporting his accusations.

Translated from the Arabic Edition.

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