The Egyptian Stock Exchange (EGX) froze the stocks and accounts of businessmen co-founder of Al-Masry Al-Youm daily newspaper Salah Diab, Mahmoud Al-Gammal and 15 other businessmen after receiving a notification on Monday.
The action follows the arrest of Diab and his son Tawfik Diab on Sunday.
The office manager for Diab refused to give any comments or information regarding any legal action they could consider.
Banks froze on Sunday the accounts of Diab, his wife, and Mahmoud El-Gammal, who is Gamal Mubarak’s father-in-law. Lawyer Farid El-Deeb said he will defend Diab.
Prosecutor General Nabil Sadek froze on Friday the assets of Sunset Hills company, owned by Diab, for which he obtained 750 acres of land at EGP 300 per acre. The price of one acre at the time of purchase was between EGP 5,000 and EGP 7,000.
Earlier, investigations by public fund prosecutors charged Diab and other partners of profiteering from the ‘New Giza’ project and their investment company Sunset Hills, and of involvement in squandering public funds.
The Prosecutor General received several reports against the defendants, accusing them of having brought areas of lands on the Egypt-Alexandria desert road with Ministry of Agriculture funds.