Court allows Gamal Mubarak to question witness in stock embezzlement case
Alaa and Gamal Mubarak during the trial - YOUM7/Maher Iskandar

CAIRO: The Cairo Criminal Court adjourned the trial of Alaa and Gamal Mubarak, and six other defendants in their stock embezzlement case, to June 12, Youm7 reported.

The court hearing started Thursday at noon, amid intense security and a ban on media coverage, Youm7 added. New investigation reports obtained from the Prosecutor General were discussed, and Gamal was authorized to question one of the witnesses about the case.

According to a report provided by Maher Ahmed Salah el-Din, a former head of the Egyptian Capital Market Authority and a witness in the case, bank transaction reports prove existing relations between the defendants, including Gamal and Alaa, who were masking their identities while dealing with stock market exchanges.

Gamal asked Salah el-Din about the role and power of the authority in tracing capital market fraud, and whether or not violations have been found in the deal selling the National Bank to the National Kuwaiti Bank. Salah el-Din denied a breach in the contracts, adding that he examined the documents provided by both banks.

Salah el-Din did not answer most of the questions related to the authority’s communication with other control authorities, such as the stock market or the Central Auditing Organization, but admitted there were not enough studies regarding the National Bank.

Gamal’s lawyer, Fareed el-Deeb was reportedly furious over Salah el-Din’s “vague” answers.

The Mubarak brothers are accused of stock embezzlement, with the participation and facilitation of the CEO and board of directors at the National Bank, which allowed them to make illegal profits after manipulating the bank’s shares in the market.

The General Prosecution had estimated the amount of funds illegally seized by the Mubarak brothers at 2.5 billion EGP, in violation of capital market laws and the Central Bank’s when they took control of the National Bank’s market shares.

The brothers were able to transfer their money into secret private accounts in Cyprus and the United Kingdom, Al-Dostor reported Thursday.

Gamal’s assets in Cyprus were officially frozen last March, after the European Commission found evidence of him owning shares in Bullion Co. Ltd, based on a report by the Egyptian Initiative for Personal Rights demanding an investigation into his assets.

Additional reporting by Mohamed Abdel Razak.

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