Egypt Court Hears Today Freezing Assets Decree Over Stock Manipulation Case

Cairo Criminal Court will start its hearing session on Wednesday for the Egyptian Prosecutor General’s decree on freezing the assets of 21 local and Arab businessmen following investigations related to Egyptian stock manipulation during the sale of  the National Bank of Egypt to the National Bank of Kuwait (NBK) in 2007.

The prosecutor general had announced late Sunday decrees on freezing the assets of 21 businessmen including 5 Saudis and 2 Emiratis alongside a number of officials in the Al Watany Bank of Egypt.

The freezing assets decrees include prominent names from Egypt and the KSA; EFG-Hermes CEOs Hassan Heikal and Yasser El-Mallawany, alongside Mubarak’s sons Alaa and Gamal as well as  five Saudi businessmen Sulaiman Abanami – the most prominent Saudi investor in the EGX; Hasan Abdulrahaman Al-Sharbatli – Owner of City Stars Complex in Cairo; Gharamallah Al-Zahrani, Muiyadh Al-Zahrani, Hisham El-Sewedy, and Aidarus Al-Isai.