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Egyptian court suspends LE100 mn fine on steel tycoon Ezz

The fine against Ahmed Ezz came following a verdict on monopolistic practices that he is appealing before the Court of Cassation; court overturns similar against two others

Ahram Online, Thursday 4 Sep 2014
Ahmed Ezz
Ahmed Ezz in his years as leader in Mubarak's National Democratic Party (File Photo: Reuters)
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Cairo’s economic court suspended Thursday an earlier court verdict levying a LE100 million fine from business tycoon Ahmed Ezz as he appeals the verdict with the Court of Cassation.

Ezz has already paid LE55 million of the due amount after a court last year found him guilty of monopolistic practices in the steel industry. 

Ezz is former chairman of Ezz Steel, the largest steel producer in the Middle East.

The court refused similar appeals to halt the implementation of verdicts by Alaa Abul Kheir, CEO of Ezz Dekheila Steel Company (EZDK), who was fined LE100 million in the same case, and another filed by Samir Noman, sales director at EZDK, who was fined LE500,000.

EZDK was previously known as the Alexandria National Iron and Steel Company (ANISC) before Ezz, then a mid-rank steel manufacturer, was called in to bail out the struggling publicly-owned company in 1999.

In addition to his hefty fine, Ezz also paid a total of LE152 million in bail charges. He was released last month on bail after spending more than three years in jail.

Ezz was secretary general of Hosni Mubarak's National Democratic Party. He has been standing trial since the 2011 revolution on a number of graft and corruption charges.

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