Trial of Alaa, Gamal Mubarak in stock market manipulation case delayed to Aug. 3

CAIRO, July 13 (MENA) - The Cairo Criminal Court adjourned to August 3 the trial of Gamal and Alaa Mubarak in the case known in media as the "stock market manipulation".

The court had approved a request to assign the case to another circuit.

Gamal and Alaa, the sons of former president Hosni Mubarak, stand trial in the case along with seven former officials and members of the board of directors of El Watany Bank of Egypt, on charges of making illicit gain via selling the bank assets, squandering public funds and causing heavy losses to the national economy.

They are also indicted for destroying the country's banking system through manipulating the stock exchange.

The prosecution charged the defendants with obtaining a sum of EGP 493.6 million; the value of selling the bank, in violation of the provisions of the Capital Market Law and the Central Bank of Egypt regulations.

It said in its indictment sheet that investigations proved that the defendants collaborated together to control the shares of the bank by forming a controlling stake through the purchase of closed investment funds and selling them without disclosing their identity on the stock exchange. (MENA)