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Egypt court drops case against Mr Ahmed Ezz - Report

Steel News - Published on Tue, 13 Mar 2018

Image Source: Middle East Monitor
Reuters reported that an Egyptian court dropped a years long case and lifted a travel ban against steel tycoon Ahmed Ezz, who was sentenced to 37 years in prison in 2013 for profiteering and squandering public funds. Judicial sources said that Mr Ezz paid 1.7 billion Egyptian pounds (USD 96.8 million) to authorities in a deal reached to settle the case, the sources said. He had already been released on bail in July.

Mr Ezz, the former owner of Ezz Steel Co, was charged after Egypt’s 2011 popular uprising with using his position as a leading official in former president Hosni Mubarak’s dissolved National Democratic Party to make illegitimate gains of about five billion Egyptian pounds.

The sources gave no further details about why the case was dropped.

Mr Ezz is one of many close associates of Mubarak to have faced embezzlement charges, several of whom have also had charges or trials dropped. A court in January quashed the conviction and prison sentence of ex-interior minister Habib al-Adly and ordered a retrial.

Mubarak, a former air force commander, was last year cleared of all charges brought against him after the uprising, including the killing of protesters and corruption.

Source :

Posted By : Sanju Moirangthem on Tue, 13 Mar 2018
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