IGA Freezes Ex-PM Shafiq’s Stocks, Bonds In EGX

The Assistant to Egypt’s Minister of Justice for Illicit Gains Authority Affairs, has ordered on Tuesday  to prevent former Premier Ahmed Shafiq alongside his three daughters from disposing of their stocks, bonds and securities in the stock market.

Commenting the IGA’s rule, Egyptian Exchange (EGX) said the decree also includes all their liquid assets. Accordingly, the IGA’s rule was circulated to all the brokerage firms as well as the mutual funds in order to keep track of Shafiq and his daughters’ transactions.

The IGA’s decree comes after investigating Complaint No. 115/2012 . The decree also includes all the forms of disposing the assets; the bare trustee, the nominee or the beneficial ownership.

Shafiq is currently being tried in a corruption case regarding selling a 40,000 square meter plot of land owned by the Cooperative Housing Association for Military Pilots to Alaa and Gamal Mubarak at below-market rates in the 1990s.

He will also begin being tried in absentia in November on charges of financial corruption when he was the civil aviation minister.

Shafiq has been living in the UAE since losing the presidential race to the current president Mohamed Morsi.