Egyptian newspaper Al-Masry Al-Youm says its largest shareholder, Salah Diab, has been released with his son on bail, three days after his arrest.

The independent daily said Wednesday that they were released after posting 60,000 pounds ($7,663) bail.

Egypt's state-run news agency had said Tuesday that Diab would be held for 15 more days pending investigation over accusations of possessing two illegal automatic rifles.

Senior Al-Masry Al-Youm employees told The Associated Press on Monday the accusations and the manner in which he was detained — by officers in full body armor at the break of dawn in his bedroom — suggested the arrest was politically motivated.

After his arrest, Diab was photographed handcuffed in front of a police van in a picture that was circulated on social media.