Alaa and Gamal Mubarak, sons of former Egyptian President Hosni Mubarak, have been arrested for breaking stock market and central bank rules, state news agency Mena reported.
Both Alaa, 57, and Gamal, 54, are charged with embezzling at least $2.7m after they decided to sell the National Bank of Egypt for profit.
In May 2015, both of them were sentenced alongside their father to three years in jail for embezzling at least $11.5m from money that was earmarked for maintaining presidential palaces. Gamal, the younger of the two, was once considered his father’s heir apparent. The sons were freed five months later, while Mubarak was released in March 2017after he was cleared of inciting the killing protesters.
Three other men were arrested on 15 September 2018, Saturday, including Yasser el-Mallawany and Hassan Heikal, current and former board members at the Egyptian investment bank EFG-Hermes. A judicial source told this to the Reuters news agency.
Alaa and Gamal Mubarak are accused of making unlawful profits by acquiring majorities in several banks through front companies without disclosing to the stock market. These banks were the target of a takeover by an Arab Gulf investor.
Hosni Mubarak ruled Egypt from 1981 until he was overthrown in a 2011 uprising, which went on to become part of the Arab Spring. One of the reasons for the uprising was to prevent Gamal from succeeding his father. The years following the uprising saw many of the close allies of Mubarak go on trial on corruption or abuse of power. But almost all of them have been freed after repaying part or all the funds they had illegally amassed.
