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Sunday, 12 July 2020

Mubarak-era steel tycoon Ezz pays second tranche of LE100 mn fine

Ahmed Ezz pays LE33 million, the second payment toward a LE100 million fine on Tuesday

Ahram Online, Tuesday 12 Aug 2014
Ahmed Ezz
Ahmed Ezz (Photo: AP)
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Egyptian steel tycoon, Ahmed Ezz paid on Tuesday a LE33 million ($4.7 million) as the second payment of a total LE100 ($14 million) million fine, Al-Ahram's Arabic news website reported. 

Ezz paid a first tranche of 11 million Egyptian pounds ($1.5 million) on Thursday.

In addition to his hefty fine, Ezz also paid a total of 152 million in bail charges. He was released on Thursday on bail after spending more than three years in jail.

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

Ezz is also the former chairman of Ezz Steel and has a 55 percent stake in EZDK, the largest steel complex in the Middle East. It was previously known as 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.

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