Steel tycoon Ezz sentenced to 37 years

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Former senior member of the National Democratic Party (NDP) Ahmed Ezz (L) sits behind bars (Getty Images)

Former senior member of the National Democratic Party (NDP) Ahmed Ezz (L) sits behind bars (Getty Images)

The former owner of Ezz Steel Co, Ahmed Ezz, has been sentenced to 37 years in prison for profiteering and squandering public funds.

An Egyptian criminal court issued the sentence on Wednesday, and also fined Ezz six billion Egyptian pounds (US$890m), according to state news agency Mena and a judicial source.

Ezz had been charged with using his position as a leading official in the now dissolved National Democratic Party (NDP) to make illegitimate gains of about five billion Egyptian pounds between 2001 and 2011.

The NDP was the party of deposed former president Hosni Mubarak, and Ezz is one of many associated of Mubarak to face similar charges, along with former finance minister Youssef Boutrus Ghaly, businessman Hussein Salem, and Mubarak’s sons Gamal and Alaa.

Prosecutors said that Ezz had transferred debts owed by Ezz Steel to the state-owned Dekheila steel company before buying a joint stake in the company. He also sold Dekheila’s products to his own company at below-market prices.

Ezz was also found to have unified the brand name of both companies to make Ezz-Dekheila, in order to funnel revenues from the state company into his own.

The court also sentenced former industry minister Ibrahim Mohamedein to a one year suspended sentence, and former chairman of the chamber of metallurgical industries Alaa Abu Khair to 17 years in prison, both charged with profiteering and squandering public funds.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Saudi Engineer

Death to tyranny! I think this is an excellent step on the road to "fixing" Egypt.

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Women edge into Gulf boardrooms as economies, societies shift

Women edge into Gulf boardrooms as economies, societies shift

Amina al-Rustamani, CEO of TECOM Investments, is leading the...

1
Concerned for stability, Saudi Arabia tightens curbs on dissent

Concerned for stability, Saudi Arabia tightens curbs on dissent

Gulf kingdom intensifies crackdown on domestic dissent, raising...

Frustrated Kuwaitis ask, why is Kuwait falling behind?

Frustrated Kuwaitis ask, why is Kuwait falling behind?

Citizens wonder why oil producer Kuwait is not as dynamic a hub...

4
Most Discussed
  • 15
    Germany puzzled as UAE think tank ordered to close

    Matt, your words sound kind of funny given the role the Britain has played in this region for so many decades.
    And given the democratic tradition that... more

    Thursday, 17 April 2014 7:10 PM - one of the joes
  • 10
    UAE father who whipped son to death wins appeal

    "Under Sharia, a parent cannot be executed for killing their child"
    A spouse could be executed if he/she kills his/her spouse, as none of them is... more

    Friday, 18 April 2014 3:38 PM - Nihar
  • 3
    To diet or not to diet?

    It is best to eat by your blood type. Following this diet is miraculous. Generic diets don't always work as certain foods are not good for the individual... more

    Friday, 18 April 2014 11:49 AM - Shamira Mitha
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams