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.