Last Update 15:58
Wednesday, 23 October 2019

Mubarak-era steel tycoon Ahmed Ezz to pay EGP 1.7 billion in reconciliation deal with Egyptian govt

Ahram Online , Wednesday 28 Feb 2018
A file photo for Ahmed Ezz (Photo:AP)
Views: 6345
Views: 6345

Mubarak-era steel tycoon Ahmed Ezz will pay EGP 1.7 billion as part of a reconciliation deal with the Egyptian government, Egypt's prosecutor-general Nabil Sadek said in a statement on Wednesday.

Sadek, who heads the national committee tasked with recovering funds from abroad, said that the payment includes EGP 600 million of Ezz's funds recovered from abroad.

Ezz, who was released from prison on bail in 2014, served as the secretary-general of former president Hosni Mubarak’s now-dissolved National Democratic Party (NDP). He also acted as the spokesperson of the then ruling NDP in parliament between 2005 and 2010.

Following the 2011 uprising, Ezz was sentenced to prison in several corruption cases, but most of the verdicts against him were later overturned.

Ezz is currently facing retrial in the "Dekheila steel case," where he faces charges of squandering public funds and illegally acquiring the Dekheila steel plant. Ezz has requested to reconcile with the government in the case.

In March 2013, Ezz was sentenced to 37 years in prison and fined EGP 2 billion by a criminal court for profiteering and squandering public funds.

In December 2013, the Court of Cassation overturned the ruling and ordered a retrial.  

Ezz is the former chairman of Ezz Steel, the largest steelmaker in the Middle East and North Africa, which controls some 50 percent of Egypt's steel market.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.