- December 21, 2010
- 2 minutes read
WikiLeaks: Officials behind stock market collapse
A document sent from the US Embassy in Cairo to the US State Department, released by the WikiLeaks website, said an article that appeared on March 23 in the maverick independent paper Al-Dostour attacked Gamal Mubarak from a new angle.
With dubious sourcing, the paper alleged that the Egyptian brokerage and financial analysis firm EFG-Hermes had manipulated the early March drop of the Cairo-Alexandria Stock Exchange to the advantage of its partners and clients and at the expense of small investors, adding that Gamal Mubarak is on the firm's board. The article clearly got Gamal's attention: He acknowledged in his talk show appearance that he sat on EFG’s board, but insisted that his work focused on subsidiary companies, not trading on the stock market.
In the first episode of his campaign Gamal Mubarak and his associates caused huge losses for the benefit of small investors,
The campaign has revealed that the «rise of the EFG-Hermes's shares is unjustified» after Gamal Mubarak acknowledged that he sat on EFG’s board. «EFG-Hermes's core shares are its professionals, » NDP policies secretary Gamal Mubarak said.
He documented that the EFG-Hermes seized most of the public sector's deal, where ministers close to the NDP policies secretary Gamal Mubarak had singled out the company with huge transactions.