Egypt court jails two men for stealing millions from Kuwaiti royal’s bank account

An Egyptian criminal court has sentenced two Egyptians to ten years in prison for stealing 15 million Egyptian pounds from the bank account of Sheikh Mubarak Faisal Saud Al-Sabah, the head of the Kuwaiti Amiri Diwan.

The court, in its ruling on Tuesday, convicted a former head of customer service at the National Bank of Egypt’s Dokki branch and a leather shop owner, sentencing each to ten years of rigorous imprisonment for embezzling funds from the account of Sheikh Mubarak Faisal Saud Al-Sabah.

According to the prosecution’s referral order, the first defendant, a public employee, deliberately misappropriated USD 309,800 (equivalent to more than EGP 15 million) from Sheikh Mubarak’s bank account through a deceptive scheme.

Investigations revealed that the defendant had falsely attributed a request to Sheikh Mubarak, claiming he sought to issue a dollar investment certificate in favour of the second defendant, who later withdrew the full amount without the Sheikh’s knowledge or consent.

The referral order also stated that the defendants forged official bank documents, including account statements and deposit and withdrawal receipts, by recording false transactions to conceal the theft. The fraud caused significant harm to public funds and damaged the trust of international clients.

The investigations confirmed that the crime took place at the bank’s Dokki branch in Cairo and exposed serious weaknesses in the internal verification procedures of the National Bank of Egypt, the country’s largest state-owned financial institution.