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Egyptian court orders $14.4 million bail for steel tycoon Ahmed Ezz

Published: Updated:

Cairo Criminal Court ordered the release of Egyptian steel mogul Ahmed Ezz on bail worth $14.4 million (100 million Egyptian pounds) in a money laundering case.

But Ezz will not be released because he is facing trial on other corruption-related charges.

In the money laundering case, Ezz was accused of having accumulated nearly $1 billion (6.4 billion Egyptian pounds) between 2003 and 2011 in illegal funds related to his acquisition of Ezz El-Dekheila (EZDK) steel plant.

The former chairman of Ezz Steel was sentenced in October 2012 to seven years in prison for money laundering and fined $2.76 billon (19 billion Egyptian pounds).

In May 2013 the state’s Court of Cassation accepted his appeal and ordered a retrial. The same court had cancelled in December 2012 a previous sentence against Ezz indicting him for illegal sale of steel licenses

In 2012 the net profit at Ezz Steel, Egypt’s biggest steel company, plummeted by more than 50 percent.