Son of Egypt’s former president Mubarak says family clear of corruption charges
May 18, 2022, 10:42 am

Son of Egypt’s former president Mubarak says family clear of corruption charges

A 2015 photo shows ousted Egyptian president Hosni Mubarak in a Cairo court between his sons Gamal (L) and Alaa File photo AFP

The Arabnews reported, citing the Associated Press, the son of Egypt’s former president said Tuesday (May 17) that he and family members were innocent of corruption charges made in international courts after the country’s 2011 popular uprising.

His statements came after years of attempts by the deposed president’s family to rehabilitate its image as it faced litigation in Egypt and abroad.

In a video statement released online, Gamal Mubarak, the son of former Egyptian president Hosni Mubarak, said that recent court decisions in the European Union and elsewhere demonstrate their innocence, but did not explain how the family had amassed its significant wealth.

In February, a massive leak of Credit Suisse clients’ information showed Gamal Mubarak and his brother, Alaa, to have held at least $197.5 million in the bank at one point in time.

Gamal Mubarak sits behind bars at the second session of his trial on charges of insider trading in Cairo Criminal Court in Cairo, Egypt. (AP/File)

He said in a video statement released on YouTube: “The facts have now been established, and the false allegations have been unequivocally rebutted. The historical record has thus been independently and judicially corrected." He blamed Egyptian judicial authorities for taking the issue to international courts.

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The 2011 protests were built on calls for an end to deep-rooted embezzlement and government corruption in Egypt, and growing concerns that Gamal Mubarak would be set up to succeed his father, who was in power for nearly 30 years. The international anti-corruption group Transparency International has estimated that as president, Mubarak stole some $70 billion in public funds. The former president died in 2020, aged 91.

In April, Swiss prosecutors decided not to file charges after concluding a decade-long investigation into alleged money laundering and organized crime linked to linked to Mubarak’s circles in Egypt. They also said they would release some 400 million Swiss francs — $430 million — frozen in Swiss banks.

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The same month, the General Court of the European Union ruled that the rights of Mubarak’s wife, two sons and their wives had not been respected during an local Egyptian investigation of his assets, on which the prosecution was depending. The ruling meant EU sanctions on the Mubaraks’ accounts were deemed unlawful, and lifted. Gamal Mubarak said his family was being reimbursed for their legal costs related to the case.

Transparency International condemned the move, saying it would show corrupt leaders around the world that they can act with impunity.

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The EU and Swiss investigations were part of a series of court proceedings against the Mubaraks in the wake of the mass protests. The father and the two sons were first detained in April 2011, two months after the uprising forced Mubarak to step down as part of the Arab Spring protest movement. A leading military council was established in his place, which then gave way to the divisive Islamist president Muhammad Mursi after elections in 2012. Mursi was later deposed by the military amid more popular protests.

Following a lengthy trial, Hosni Mubarak was acquitted of killing protesters during the 18-day uprising against his autocratic rule.

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The two sons and their father were sentenced to three years in prison following their conviction of embezzling funds set aside for the restoration and maintenance of presidential palaces, using the money to upgrade their private residences. The sons were released in 2015 for time served, while Mubarak walked free in 2017. The trio paid back to the state the money they embezzled.

The sons were briefly detained in Sep. 2018 pending their trial on charges of stock market manipulation. But they were released a bail of 100,000 pounds ($5,600) each after an appeals court accepted a motion moved by their defense lawyers to remove the judge who ordered their detention, and in 2020 they were acquitted.

Source: arabnews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.