Egyptian Steel tycoon and a Mubarak crony jailed
Egyptian Steel tycoon and a leading power broker Ahmed Ezz has been handed down a 10-year prison sentence and fined about USD 11 million by a criminal court.
Cairo: Egyptian Steel tycoon and a leading
power broker Ahmed Ezz has been handed down a 10-year prison
sentence and fined about USD 11 million by a criminal court
here, in the first conviction of a crony of former President
A close aide of Mubarak`s son Gamal, Ezz was convicted on
corruption charges in a trial running parallel to that of
fallen Egyptian head of state, Al Jazeera reported.
Among the wealthiest figures in Egypt at the apex of
Mubarak`s regime, Ezz was famous for his brash and domineering
style, Italian tailored suits, multiple wives, the way he
crooked his index finger in a gesture of command and his
conviction was one of the most vociferous demands of the
The tycoon received his sentence yesterday, dressed in
prison whites and standing in a defendant`s cage in the
courtroom. His company`s stock dropped in value by nearly 9
per cent on the news.
The court also sentenced two more Mubarak-era figures,
former minister of commerce Rashid Mohammed Rashid and deposed
chairman of the country`s Industrial Development Authority Amr
Rashid, once a face for reform and clean government, was
sentenced in absentia to 15 years in prison and a USD 230
million fine for illegally helping Ezz obtain permits for his
It was the third sentence in absentia issued against
Rashid, for a total of 35 years in prison. He left the country
before Mubarak`s fall but has said he did nothing wrong. He is
believed to be sheltering in Qatar, the pan-Arab news channel
Amr Assal was sentenced to 10 years in prison and a USD
11 million fine for conspiring with Ezz.
The sentences handed to steel tycoon Ahmed Ezz struck at
the core of businessmen and officials who made fortunes under
The penalties indicate what may await Gamal Mubarak and
his brother, Alaa, both of whom are charged with graft and
In the early days of last winter`s revolution, protesters
turned their anger on Ezz, looting and burning one of his
properties in Cairo.
Field Marshal Mohamed Hussein Tantawi, the leader of the
governing military council and Mubarak`s former defence
minister, is expected to testify at a closed session of the
trial on September 24, when he will be asked to shed light on
Mubarak`s role in the crackdown on protesters that left more
than 800 dead in the final days of his rule.