Monday, April 21, 2014
Egypt sentences Mubarak-era business tycoon to 37 years in prison
Xinhua | March 07, 2013 08:20
By Agencies
 E-mail   Print
An Egyptian criminal court sentenced Wednesday Ahmed Ezz, a well-known "steel tycoon" of former president Hosni Mubarak's era and leading ruling party member then, to 37 years in prison over charges of corruption, profiteering and looting public funds.

Investigations revealed that Ezz wasted state funds in a deal to buy state-owned al-Dekheila steel company. Through the deal, Ezz achieved personal gains of about 710 million US dollars from 2001 to 2011 with the assistance of senior government officials.

It turned out that Ezz merged the state-owned al-Dekheila with his own steel company under one trademark named "Ezz al-Dekheila."

Ezz, a close associate of Mubarak's son Gamal Mubarak, was arrested late February 2011 following massive protests that toppled Mubarak's regime.

 E-mail   Print   


Posted in: Africa

Follow @globaltimesnews on , become a fan on Facebook


Post Comment


By leaving a comment, you agree to abide by all terms and conditions (See the Comment section).


blog comments powered by Disqus
Popular now