{"id":624753,"date":"2018-09-18T04:19:17","date_gmt":"2018-09-18T04:19:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/18\/cairo-criminal-court-gives-al-watany-bank-insider-trading-case-defendants-until-20-october-to-decide-on-settlement\/"},"modified":"2018-09-18T04:19:17","modified_gmt":"2018-09-18T04:19:17","slug":"cairo-criminal-court-gives-al-watany-bank-insider-trading-case-defendants-until-20-october-to-decide-on-settlement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/18\/cairo-criminal-court-gives-al-watany-bank-insider-trading-case-defendants-until-20-october-to-decide-on-settlement\/","title":{"rendered":"Cairo Criminal Court gives Al-Watany Bank insider trading case defendants until 20 October to decide on settlement"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>**#2 AWB defendants have until 20 October to decide on a settlement? <\/strong>A Cairo Criminal Court has reportedly made an offer that could end a long-running insider trading case dating to 2012 that rattled markets this week after high-profile defendants were unexpectedly remanded to custody.<\/p>\n<p><strong>The offer: <\/strong>The court has given nine defendants until 20 October to decide on a reconciliation offer that appears to involve payment of fines instead of jail time, <a href=\"https:\/\/alborsaanews.com\/2018\/09\/17\/1132642\">sources close to the matter said yesterday<\/a>. The defendants \u2014 who include former President Hosni Mubarak\u2019s two sons Gamal and Alaa, as well as former EFG co-CEOs Yasser El Mallawany and Hassan Heikal \u2014 were detained on Saturday.<\/p>\n<p><strong>The defendants are divided, <\/strong>according to the sources, who did not specify the value of the proposed settlement other than to suggest it was \u201csizeable.\u201d Judicial officials will be meeting with each of the accused separately over the coming few days to go over the details of the case and the proposed settlement terms, they added.<\/p>\n<p><strong>Egypt\u2019s <\/strong><a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/17\/arrests-over-alleged-stock-market-manipulation-trigger-egx-sell-off\/\"><strong>stock market suffered its biggest one-day dip<\/strong><\/a><strong> in a year and a half on Sunday<\/strong> after news of the arrests, which came despite a recommendation by a court-appointed committee that <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/16\/gamal-alaa-mubarak-are-detained-again\/\">key charges be dropped<\/a>. Stocks across the board were down, in sectors including real estate, banking, and consumer goods. The case involves the pre-revolution sale of Al Watany Bank to the National Bank of Kuwait.<\/p>\n<p><strong>The arrest of El Mallawany prompted a spate of disclosures to the EGX yesterday <\/strong>by listed companies on whose boards he serves. All noted that El Mallawany had only served as a non-executive director.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>**#2 AWB defendants have until 20 October to decide on a settlement? A Cairo Criminal Court has reportedly made an offer that could end a long-running insider trading case dating to 2012 that rattled markets this week after high-profile defendants were unexpectedly remanded to custody. The offer: The court has given nine defendants until 20 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624753","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"6efb2d5e-c1c8-4e0a-a101-698d01766988","order":"0","is_powered_by":true,"section_story_id":"556f9530-4687-4efb-94ab-fb20a48d5720","story_type":"1","photo_url":"","photo_position":"above","related_issue":[624747],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cairo Criminal Court gives Al-Watany Bank insider trading case defendants until 20 October to decide on settlement - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/18\/cairo-criminal-court-gives-al-watany-bank-insider-trading-case-defendants-until-20-october-to-decide-on-settlement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cairo Criminal Court gives Al-Watany Bank insider trading case defendants until 20 October to decide on settlement\" \/>\n<meta property=\"og:description\" content=\"**#2 AWB defendants have until 20 October to decide on a settlement? A Cairo Criminal Court has reportedly made an offer that could end a long-running insider trading case dating to 2012 that rattled markets this week after high-profile defendants were unexpectedly remanded to custody. 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His son and daughter, who were also defendants in the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569369,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/23\/court-acquits-all-defendants-in-al-watany-bank-case\/","url_meta":{"origin":624753,"position":3},"title":"Court acquits all defendants in Al Watany Bank case","author":"enterpriseam admin","date":"23 February 2020","format":false,"excerpt":"Court acquits all defendants in Al Watany Bank case: The Cairo Criminal Court has cleared all defendants of charges of stock market manipulation and insider trading stemming from the sale of Al Watany Bank of Egypt to the National Bank of Kuwait in 2007, reports Ahram Gate. Among those acquitted\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/280.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":625701,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/13\/court-drops-final-lawsuit-against-ahmed-ezz-on-money-laundering-charges\/","url_meta":{"origin":624753,"position":4},"title":"Court drops final lawsuit against Ahmed Ezz on money laundering charges","author":"enterpriseam admin","date":"13 August 2018","format":false,"excerpt":"Court drops final lawsuit against Ahmed Ezz on money laundering charges: The Cairo Criminal Court issued yesterday a decision dismissing the final corruption lawsuit raised against steel tycoon Ahmed Ezz for corruption, as per his reconciliation agreement with the government, Al Mal reports. 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