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Egyptian steel tycoon Mr Ahmed Ezz released on bail

The Egyptian steel tycoon Mr Ahmed Ezz, the secretary general of Hosni Mubarak’s NDP, who was accused of playing a key role in orchestrating the rigging of 2010 parliament elections and has been standing trials since shortly after the outbreak of the 2011 revolution on graft and corruption charges, was released from jail on bail on Thursday afternoon.

Mr Ezz is the former chairman of Ezz Steel and has a 55% stake in EZDK, the largest steel complex in the Middle East. It was previously known as Alexandria National Iron and Steel Company before Ezz, then a mid rank steel manufacturer, was called in to bail out the struggling publicly owned company in 1999.

Mr Ezz has been standing trial for over three years in two separate cases. The first was for the illegal acquisition of EGP 6.4 billion between 2003 and 2011 in deals related to his acquisition of Ezz El-Dekheila steel plant. The second trial was over the illegal sale of steel licences.

On Tuesday, Mr Ezz paid his first tranche of EGP 100 million fine for monopolistic practices.

According to judicial sources, Mr Ezz paid an additional EGP 152 million, comprising unpaid bails over money laundering charges, illicit gains and the illegal acquisition of Ezz El-Dekheila steel plant.

Over the last three years, Mr Ezz has received cumulative sentences of 60 years in prison, but his appeals have all been accepted and he is currently facing retrials.

Source – Albawaba


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