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Egypt court lifts freeze on Mubarak sons' assets  

November 3, 2021 at 9:04 am

(L to R) Alaa and Gamal Mubarak, sons of former Egyptian president Hosni Mubarak in Cairo on 22 February 2020 [AFP/Getty Images]

The Economic Court of Egypt yesterday issued a final ruling to lift the asset freeze on the two sons of the late President Hosni Mubarak after they were acquitted of illicit share trading last year.

The decision allows Alaa and Gamal Mubarak, as well as Gamal’s wife, Khadiga El-Gammal, and his children Mahmoud and Farida access to their assets.

In 2012, an Egyptian court issued a ruling to freeze Mubarak and his sons’ assets over accusations they manipulated the stock exchange and obtained $130 million during the sale of a bank four years before the 2011 uprising that ended their father’s 30-year autocratic rule.

Alaa, Gamal and seven others faced charges of illegally profiting from the process of selling Al Watany Bank of Egypt to the National Bank of Kuwait in 2007.

In February 2020, the Cairo Criminal Court acquitted all defendants in the case.

The economic court’s ruling cannot be appealed.

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