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Cairo Criminal Court acquits sons of Egypt’s former president of stock market crimes
© WikiMedia (World Economic Forum on the Middle East 2006)
Cairo Criminal Court acquits sons of Egypt’s former president of stock market crimes

A Cairo Criminal Court acquitted two sons of former Egyptian president Hosni Mubarak of stock exchange manipulation Friday. The court acquitted six other individuals of the same charges.

Officials arrested Mubarak’s sons, Alaa and Gamal, in September of 2018 as part of an ongoing stock exchange manipulation investigation that began in 2012. An Egyptian court indicted six other individuals as part of the $128.5 million scheme. The two brothers allegedly made $28 million for themselves as participants.

These acquittals are part of a large history of political and legal dramas following the Mubarak family. Egyptian protests toppled the family from power during the Arab Spring of 2011. Shortly after, judicial officials announced that the family would stand trial for anti-government protester deaths. However, the courts acquitted the family of the charges over protestor deaths. Finally, in 2015 an Egyptian court sentenced the father and two brothers to three years in prison for embezzlement. In 2018, the government freed the family after serving their sentences.

Following the news of the brothers’ acquittal, the Mubarak family broke other news. Alaa Mubarak announced via twitter Saturday that the former president is in the ICU following a January surgery. Alaa described his father’s condition as stable, but there has been no further news over the incident.