Gamal and Alaa Mubarak are accused of getting $331 million through insider trading
Their attorney says they're innocent
On Saturday, verdicts and sentences are expected in a separate trial of them and their father
Former Egyptian president Hosni Mubarak accused of corruption; having protesters killed
Former Egyptian president Hosni Mubarak’s two sons were charged with insider trading Wednesday, just days before a verdict is expected on a separate trial involving them and their father.
Gamal and Alaa Mubarak are accused of profiting 2 billion Egyptian pounds – about $331 million – through insider trading in the Egyptian stock market, said Adel Saeed, spokesman for the general prosecutor’s office.
Their case was referred to the Cairo Criminal Court.
Their attorney declared their innocence and called the timing “suspicious.”
On Saturday, a verdict and sentence are expected in the trial of Hosni Mubarak on charges of corruption and ordering the deaths of hundreds of people who protested against his regime. He has denied the charges.
His sons will also face verdicts and sentences on charges of corruption and using their father’s political power for profit.
Hosni Mubarak has accused authorities of tarnishing his reputation and that of his family. He has also said he and his children have not violated any laws, and that an investigation of the properties they own will show they’ve done nothing wrong.
“There is no evidence against Gamal and Alaa in the first case and I am confident they will be cleared on Saturday,” Mubarak family lawyer Farid El Deeb said Wednesday. “They are innocent of the stock market charges and I am sure there is forgery of documentation against them in order to keep them behind bars. The timing of the new case days before the final verdict is suspicious and I am confident that I will be able to clear them.”
No matter what happens Saturday, the two Mubarak sons will remain in prison for the new case, Adel Saeed said.
The trial of Hosni Mubarak ended in February, and June 2 was set as the date for a verdict and sentence.
Prosecutors have said they will seek the death penalty for the ailing former Egyptian strongman, who was forced from office in February 2011 after three decades of autocratic rule.