CBE Lifts Freeze on Defendants' Funds in Stock Market Scam

The Central Bank of Egypt (CBE) said in a statement on Thursday that it lifted the freeze on funds of 7 defendants in the case known as stock exchange manipulation, in which Gamal and Alaa Mubarak were previously accused.

This came after the defendants obtained a verdict of acquittal from the criminal court.

The names that were removed from the lists of those banned from disposing their funds included 7 former members of the Board of Directors of Al Watany Bank of Egypt (AWB), a bank that was later sold to the National Bank of Kuwait (NBK).

The members include Yasser Suleiman Hisham al-Malawan, Ahmed Naim Badr, Amr Mohamed Ali Al-Qady, Hussein Lotfy Sobhi El-Sherbiny, and AWB former Chairman Ayman Ahmed Fathy Hussein Soliman.

The decision of the concerned authorities did not include the lifting of the names of the defendants who obtained innocence in the case of stock market fraud, Gamal and Alaa Mubarak, the two sons of former President Hosni Mubarak, given their accusations in another case, which is illicit gain.