World Bulletin / News Desk
The two sons of Egypt's former president were back in court on Monday facing charges of stock market manipulation, five weeks after separate corruption charges against them were thrown out.
Gamal and Alaa Mubarak, with seven other men, were charged with violating stock market and central bank rules to make unlawful profits through dealing of shares in Al Watany Bank of Egypt.
Mubarak's eldest son, Alaa, is a businessman. His brother Gamal, a former banker, was widely viewed as being groomed for Egypt's top job until Mubarak was toppled in February 2011.
Wearing white prison uniforms, they sat in a steel cage reserved for defendants in the court at a Cairo police academy as a prosecution official read out details of the charges. The other executives wore suits.
"This has absolutely no basis in fact. I deny these charges in whole and in their details," Gamal Mubarak told the judge. His brother said: "Unfortunately, sir, this is all lies and defamation."
Mubarak, 84, was given a life sentence on June 2 in the first trial in an ordinary court of an Arab leader ousted in a popular uprising. Charges against his sons were dropped in that trial because a statute of limitation had expired.
Yasser El Mallawany and Hassan Heikal, board members and joint chief executives officers of investment bank EFG-Hermes , are also charged in the case.
Mallawany looked irritated and unsettled when the judge called his name. He stood after the judge called for him a second time and he rose to his feet, saying: "This hasn't happened sir. None of this is true."
EFG has said it is confident in the "soundness of its legal position" regarding the 2007 acquisition of Al-Watany by National Bank of Kuwait. EFG said it would defend the two executives against the accusations and said the operations of EFG-Hermes had not been affected.
Heikal did not appear in the dock.
Gamal Mubarak took an 18 percent stake in EFG's private equity arm when it was formed in 1997. EFG Hermes Private Equity accounts for no more than 7 percent of EFG Hermes Holding's total consolidated revenues, the bank said.
"We did nothing wrong," former Al-Watany general manager Hussein Fathy, who was not among the accused, told Reuters outside the court.
"When we were approached by the state's largest brokerage company, EFG Hermes, asking us if we would like to sell, we said OK as they made us a good offer," he added.
He said he did not know how Alaa and Gamal Mubarak were linked to the case.
The Mubaraks' lawyer Farid el-Deeb asked for his clients to be released, saying they were arrested for a misdemeanour and not a felony, meaning that, by law, they cannot be in prison for more than six months, which they have already served.
Farid el-Deeb also accused authorities of holding his clients without justification, saying they were being discriminated against simply because of their father's name.
"Why are they the only ones still behind bars? Everyone has been released but them. I ask you, why?" he told the court.
Egypt has witnessed 17 turbulent months since Mubarak's overthrow and has been run by a military council until Islamist President Mohamed Mursi took office on June 30.
Hollande arrived in the Guinean capital earlier in the day for a visit expected to focus on the fight against Ebola
The mosque is adjacent to the palace of the emir of Kano, the second highest Islamic authority in the country, although the emir himself, former central bank governor Lamido Sanusi, was not present at the time.
It criticised what it called a continued U.S. failure to fully investigate allegations of torture and ill-treatment of terrorism suspects held in U.S. custody abroad
Friday marks two months since police first fired tear gas to disperse demonstrators from the main protest site
Israel has conducted several limited incursions into the strip since August 26, when a cease-fire was reached between Palestinian factions and the self-proclaimed Jewish state
Government supporters demonstrated, waving flags and pictures of President Abdel-Fattah al-Sisi
The Friday protests were called for by the pro-Morsi National Alliance and Egypt's Salafist Front, a component of the alliance.
Al-Nusra captured 18 Lebanese troops in total, while the ISIL captured seven during clashes with the Lebanese army.
Albanians celebrate founding of the country in 1912 under leadership of national hero, Ismail Qemal Bej.
Abbas arrived in Cairo for a three-day visit in which he will also attend a meeting of the Arab League's peace-monitoring committee
President of Dagestan said he seeks to increase trading volume with Turkey to $1 billion.
Prior to decison virtually all TV stations owned or influenced by ruling party.
Turkish Republic of Northern Cyprus President Dervis Eroglu becomes first candidate to put his name forward to fight April 2015 election
The trip by Sheikh Mohammed bin Zayed al-Nahayan was the first since the United Arab Emirates along with Saudi Arabia and Bahrain withdrew their ambassadors from Qatar in March
The election commission is using about 4,000 voting machines for the presidential and parliamentary vote instead of paper ballots.
The warning by Omar al-Hassi, prime minister of the rival government, came after Thinni's government claimed air strikes on Tripoli's Mitigate airport this week