Dizzying Descent of the Strongman’s Sons

Gamal (L) and Alaa Mubarak, sons of ousted Egyptian president Hosni Mubarak. / REUTERS

The two sons of Hosni Mubarak, who are about to hear their verdict on charges of corruption, are facing new accusations in a  case of insider trading.

Gamal, once seen as the heir-apparent to his father, and his brother Alaa, a businessman, have been in prison since April 2011. The new charges accuse the two men of making 2 billion in Egyptian pounds — $331 million – along with seven others by secretly amassing an 80 percent position in the Al Watany bank, without making proper public disclosures.  Their father, who is 84, is also on trial on separate charges relating to the deaths of some 900 protestors in last year’s uprisings.

The Associated Press reported that prosecutors have said the two sons reaped illegal profits through insider information.  Analysts say the country’s ruling military council had the additional charges brought against the men in a show of toughness to the former first family, and to  head off anger over the possible selection of Ahmed Shafiq, a former Mubarak associate, as the country’s president.

Gamal Mubarak’s fall has been particularly stunning. He was once running the Egypt’s daily affairs, and his possible succession was considered a key factor in the uprising that overthrew his father.  He was seen as using his father’s position to amass a personal fortune for himself and his friends. Now, many of his closest cronies are also in prison.

Sweep to Mubarak’s 2 sons face new charges of insider trading days before verdict in corruption case

Deadly floods hit Jeddah, Saudi Arabia in 2009 and 2011, killing more than 100 people. Now, two men have been sent to prison for five years and fined, as part of a corruption investigation into shoddy construction in the flood-prone area.

Reuters reports that one of the men, an official at a Jeddah municipality, was charged with taking a bribe from the other man, a businessman, to push through a land sale. The two men, who were not named, were the first to be convicted following a government investigation in the aftermath of the floods.

The two men were each sent to prison for five years and also fined 700,000 riyals, or $186,000. Many of the deaths resulted from the construction of homes in low-lying areas that also lacked any city-wide drainage system.  Just a few hours of torrential rainfall lead to the catastrophic floods.  The investigation was ordered by Saudi King Abdullah.

Sweep to Men jailed for bribes after deadly Saudi floods

In an effort to clean up the sport, the England and Wales Cricket Board has sent up a seven-member anti-corruption team to monitor a wide array of domestic matches.

Reuters reports that this team will fan out and attend both televised and non-televised matches throughout the summer, with the idea of having a dedicated group keeping an eye on players to keep the games clean.

Their role will resemble that of the International Cricket Council’s Regional Security Managers, who monitor international matches around the world. David Collier, chief executive of the Board, said that the officials will be a “visible presence at matches and will act as a constant reminder to players, officials and club personnel” in order to “eradicate corrupt practices” from games in the two countries.

Sweep to ECB sets up anti-corruption team

Leslie Wayne

Leslie Wayne

Leslie Wayne, former senior editor at 100Reporters, is an award-winning business reporter, formerly at The New York Times. Ms. Wayne joined The Times in 1981 and has covered Wall Street, banking industry regulatory reform, municipal finance scandals and, most recently, the aerospace and military industries. Ms. Wayne has an M.B.A. in finance from Columbia Business School and was also a Knight-Bagehot Fellow in Business and Economic Journalism.