Last Updated: Thu Oct 04, 2012 13:11 pm (KSA) 10:11 am (GMT)

Egypt steel magnate Ahmed Ezz sentenced for 7 years, fined $3 bln

Ahmed Ezz  is an Egyptian businessman and one-time politician, the former owner of Ezz Steel and the former chairman of Egypt's national assembly's budget committee. (Al Arabiya)
Ahmed Ezz is an Egyptian businessman and one-time politician, the former owner of Ezz Steel and the former chairman of Egypt's national assembly's budget committee. (Al Arabiya)

An Egyptian court sentenced steel magnate Ahmed Ezz on Thursday to seven years in prison and fined him more than $3 billion (19 billion Egyptian pounds) on corruption charges, Al Arabiya reported.

Ezz, once a prominent member of the ousted leader Hosni Mubarak's ruling National Democratic Party, was arrested on Feb. 17, 2011, along with former interior minister Habib el-Adly, former minister of housing Ahmed Maghrabi and former tourism minister Zuheir Garana.

Ezz, an upstart who used his vast wealth to promote his political career, is widely blamed for the widespread fraud that marred parliamentary elections held in November and December 2010. Mubarak’s ruling party then won all but a small fraction of the chamber's 518 seats. Ezz has denied the charge in a TV interview.

Comments »

Post Your Comment »

Social Media »