print logo

Daily News Egypt: Stock market manipulation case: experts’ report has shortcomings

Gains of all dealers of Al Watany Bank of Egypt deal deemed legitimate, says experts committee.
17.09.18 | Interesting article at Daily News Egypt

After the Cairo Criminal Court ordered on Saturday to arrest the sons of former President Hosni Mubarak and Hassan Heikal, member of the board of directors of EFG Hermes, in the “stock market manipulation case”, the report of the Experts Committee, obtained by Daily News Egypt, showed that dealers on the Al Watany Bank of Egypt deal have made their profits legitimately through making variable profits in light of the dates of buying and selling shares.

The report added that the National Bank of Kuwait (NBK) had alone borne the burden of these profits by offering EGP 77 for the acquisition. The court said the report of the panel of experts, which came in favour of the accused, was flawed and asked the committee to complete the report and postpone the hearing until 20 October.