Egypt court orders release of Muslim Brotherhood financier

AP News
Posted: May 04, 2017 2:32 PM

CAIRO (AP) — An Egyptian court has ordered the release on bail of a senior leader and financier of the outlawed Muslim Brotherhood who has been in detention for nearly two years.

A judicial official said on Thursday that businessman Hassan Malik is to be released within 48 hours on bail of 20,000 Egyptian pounds — about $1,108 — and pending the prosecution didn't challenge the decision. The official spoke on condition of anonymity under regulations.

Malik was arrested in 2015 over accusations including plotting to harm the national economy and exacerbating instability of the dollar exchange rate. He was never tried.

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Egypt floated its currency in November 2016 as part of a package of reforms aimed at reviving its economy, bartered by years of turmoil that followed a 2011 popular uprising.