Egypt rejects Mubarak appeal to unfreeze assets

A Cairo Court yesterday rejected an appeal filed by ousted President, Hosni Mubarak, and his two sons, Gamal and Alaa, against the prosecution’s order to freeze more than 61 million Egyptian pounds ($3.37 million) of their assets in February 2011.

The appeal argued that the prosecutor’s order was both “invalid and illegal”.

Egypt’s Central Clearing, Depository and Registry Company has been the legal custodian of the stock market shares of Mubarak and his family since the prosecutor general ordered the asset freeze in February 2011.

Mubarak filed a lawsuit to unfreeze the assets in March.