Egypt's Court of Cassation on Thursday cancelled the 10-year sentence against the steel magnate Ahmed Ezz and the former head of the Industrial Development Authority Amr Assal for graft charges related to the illegal sale of steel licenses, state-run news agency MENA reported.
The Cassation Court ordered the retrial of the two defendants before a different criminal court after accepting their appeal.
Ezz, the general secretary of now dissolved National Democratic Party (NDP), Assal and the former trade and industry minister Rachid Mohamed Rachid who is currently outside Egypt, were convicted last September.
The court also fined Ezz and Assal LE660 million ($110.9m) and ordered the concerned steel companies to hand back their licences.
Rachid was sentenced to 15 years in absentia.
On Tuesday, Egypt's Court of Cessation also cancelled a verdict incriminating Mubarak-era Minister of Housing Ahmed El-Maghrabi for squandering and profiteering from public funds.