Egyptian authorities have released prominent businessman Safwan Thabet and his son, held in pre-trial detention for more than two years during a probe into possible terrorism-related charges.
Thabet’s daughter Mariam announced the news about her father and brother Seif El-Din’s release from prison in a post on Facebook
The Public Prosecution agreed to free Thabet, founder and former chief executive officer of dairy products and juices producer Juhayna Food Industries, and his son on a guarantee of their place of residence.
Juhayna Food Industries’ shares jumped in Sunday morning trading on the Egyptian stock market in response to the news and trading in its stock had to be suspended for 10 minutes due to high demand.
Thabet was arrested in December 2020 and has remained in detention since pending an investigation into accusations that he helped fund a terrorist group, a reference to the Egyptian-banned Muslim Brotherhood.
His son was detained two months later on the same charges, which included harming the country’s economy.
Several other people have been charged in connection with the case, including for allegedly spreading false news about the country’s political and economic conditions with the intent of disturbing public peace, and receiving funding for terrorism.