Sons of Egypt's ex-ruler Mubarak released on bail following brief detention

#EgyptTurmoil

Alaa and Gamal pulled in by authorities over alleged stock market manipulation, one of many charges they have faced

Mubarak's sons, arrested earlier this week, face charges of breaching stock market and central bank regulations. (AFP)
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Last update: 
Thursday 20 September 2018 17:11 UTC

The two sons of Egypt’s toppled president Hosni Mubarak were released on bail days after their surprise detention over charges of stock market manipulation, the country’s state-run newspaper Ahram reported on Thursday.

Alaa, who was heir apparent to his father before the 2011 mass protests, and Gamal are accused alongside others of failing to notify the stock market of agreements to acquire majorities in several banks through front companies.

They were detained five days ago in what was seen as a surprise move. A Cairo criminal court accepted an appeal by the Mubaraks’ defence team against their detention, which would see them pay 10,000 Egyptian pounds ($550) each.

The case began in 2012, but Mubarak's two sons along with other men accused in the case - including Yasser El Mallawany and Hassan Heikal, both respectively current and former board members at Egyptian investment bank EFG-Hermes - had been released on bail and banned from travel. 

El Mallawaniy and Heikal were also arrested with the Mubaraks and will also be released on bail. The court has set 20 November as the date for the next session, Al Ahram said.

Gamal, a former banker, was widely viewed as being groomed for Egypt's top job until Mubarak was toppled in February 2011. Older brother Alaa stayed out of politics but is accused of having amassed a fortune through his father's contacts.

After being arrested in 2011 for a number of alleged crimes, the two sons had several spells in provisional detention. They have been free for the past three years.

Alongside their father, Alaa and Gamal Mubarak were sentenced in May 2015 to three years in jail for diverting more than $11.5m in public money to maintain presidential palaces. Their sentences were covered by time already served, the AFP news agency reported.

In March 2017, Hosni Mubarak was acquitted of charges of killing protesters, but the former president remains under investigation for alleged corruption.