The criminal court acquitted Alaa and Gamal Mubarak, the former president's sons, and Shafiq of embezzling public funds in a case known as the pilots association land case, Xinhua reported.
Shafiq was accused of aiding the sale of 40,000 sq metres of land owned by the pilots association for land development to the Mubaraks at lower than market price.
Alaa and Gamal face additional corruption charges and will not be released.
Shafiq, who has been living in the United Arab Emirates since losing the presidential election to Mohammed Morsi in 2012, was tried in absentia.
Gamal and Alaa Mubarak have faced a series of trials since their father's fall from power.
All three men are still set to be tried on other corruption charges.
--IANS (Posted on 19-12-2013)