BEIRUT

Middle East

Egyptian steel tycoon jailed for profiteering

  • In this Thursday, Feb. 24, 2011 file photo, former Egyptian Tourism Minister Zuheir Garana, right, and steel tycoon and prominent ruling party leader Ahmed Ezz, left, wearing white prison uniforms, sit in a metal cage as they appear in the Cairo Criminal Court in Cairo, Egypt. (AP Photo, File)

CAIRO: An Egyptian court has convicted a Hosni Mubarak-era steel tycoon of profiteering and squandering public funds, and sentenced him to 37 years in prison.

The court Wednesday found Ahmed Ezz guilty of making illicit gains of $740 million in a number of illegal business deals involving his steel firm. The court said Ezz was aided by a former industry minister, who received a one year prison term, with a stay of sentence.

Ezz is already serving a combined 17 years in prison in separate cases of graft and money laundering. He was arrested days after Mubarak's regime was toppled in February 2011. A powerful regime insider, Ezz was a close associate of Mubarak's son, who was believed to be being groomed to succeed the longtime Egyptian leader.

 
Advertisement

Comments

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus

Advertisement

FOLLOW THIS ARTICLE

Interested in knowing more about this story?

Click here