Egyptian court orders arrest of Mubarak’s sons over stock market manipulation

Gamal and Alaa Mubarak sons of Egypt's former president Hosni Mubarak react behind bars during their trial with their father inside a dock at the police academy on the outskirts of Cairo

Gamal and Alaa Mubarak sons of Egypt's former president Hosni Mubarak react behind bars during their trial with their father inside a dock at the police academy on the outskirts of Cairo

An Egyptian court on Saturday ordered the arrest of the two sons of former President Hosni Mubarak on charges of stock market manipulation, state media reported.

Alaa and Gamal Mubarak are accused alongside several other people of making unlawful profits by failing to inform the stock market of agreements to acquire majorities in several banks through front companies.

The accused attended a hearing at a criminal court in Cairo, where a judge ordered their arrest, and they will be transferred to custody, the same judicial source said.

We've got more newsletters we think you'll find interesting. The sons were freed five months later for time served, while Mubarak walked free past year.

In May 2015, a court sentenced Gamal and Alaa to three years in jail over embezzling at least EGP 125 million ($16 million in 2015) from funds earmarked for maintenance of presidential palaces.

The trio were first detained in 2011 after an uprising forced Mubarak to resign.

Three other men were also arrested on Saturday, including Yasser el-Mallawany and Hassan Heikal, current and former board members at the Egyptian investment bank EFG-Hermes, a judicial source told the Reuters news agency.

All the defendants were being tried while they were at large after they had been released on bail in the case.

Mubarak's eldest son, Alaa, is a businessman.

Gamal, a former banker, was widely viewed as being groomed for Egypt's top job until Mubarak was toppled in February 2011.

The pair had been free since 2015.

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