Egypt: Mubarak's sons arrested for stock manipulation

Gamal and Alaa Mubarak accused of failing to notify stock market of agreements to acquire majority stakes in several banks.

Elad Benari,

Gamal and Alaa Mubarak
Gamal and Alaa Mubarak

The two sons of former Egyptian president Hosni Mubarak were arrested on Saturday for alleged stock manipulation, a judicial source said, according to AFP.

Gamal and Alaa Mubarak are accused along with three other people of failing to notify the stock market of agreements to acquire majority stakes in several banks through front companies, the report said.

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.

The next hearing has been set for October 20.

Alaa Mubarak confirmed his detention in a post on Twitter, expressing hope that "the truth will be revealed one day".

Hosni Mubarak was ousted after three decades in power during Egypt's 2011 Arab Spring uprising.

He was taken into custody in April 2011 in connection with the killings of hundreds of protesters by security forces during the Egyptian revolution. After six years in custody, Mubarak was acquitted last March and subsequently set free.

Gamal Mubarak had headed a key ruling party committee and was long seen as his father's successor.

His 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 spent time 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 $11.5 million in public money to maintain presidential palaces.

Their sentences were covered by time already served.