18 Oct 2011

Steel Magnate Convicted on Graft Charges

The Egyptian Justice decided today to find steel magnate Ahmed Ezz (pictured here) guilty of graft accusations associated to the period when he occupied senior positions during Hosni Mubarak’s regime. Mr. Ezz was sentenced to 10 years in jail and almost $111 million in fines.

Involved in the same case were also two other former government officials. Amr Assal, who used to be the head of Egypt’s Industrial Development Authority, was convicted and received the same sentence as Ezz. Former Trade and Industry Minister Rachid Mohamed Rachid was also found guilty of the same charges and was sentenced to 15 years in prison and a fine of 1.4 billion Egyptian pounds.

All three defendants were accused of collaborating in a scheme to issue licenses without paying the corresponding fees. The licenses that were issued illegally were revoked by the judge’s decision.

For the full article on reuters.com, please click here. The picture of Mr. Ezz shown above is from arabianbusiness.com.