Last Update 22:40
Thursday, 26 April 2018

Egyptian steel tycoon Ezz sentenced to 10 years and fined $111 million

Court finds former NDP whip and two other former industry officials guilty of illegally granting steel licences

Ahram Online, Thursday 15 Sep 2011
Views: 2654
Views: 2654

Cairo's Criminal Court has sentenced businessman and former NDP chief whip Ahmed Ezz to 10 years in prison on graft charges related to the illegal sale of steel licenses.

Amr Assal, the former chairman of the Industrial Development Authority was also handed a 10-year sentence.

Rachid Mohamed Rachid, the former Minister of Trade and Industry, was sentenced to 15 years in absentia.

The court also fined Ezz and Assal LE660 million ($110.9m) and ordered the concerned steel companies to hand back their licences.

Rachid was fined LE1.4 billion and ordered to refund the costs of steel licenses he had helped grant to two companies.

In February, an Egyptian prosecutor ordered the detention of Assal, the head of the Industrial Development Authority (IDA) for investigation on suspicions of squandering public wealth.

Amr Assal, the head of the IDA was detained on charges that he granted a licence without legal merits to Ezz Steel for a factory in Ain El-Sokhna on the Red Sea.

In June,  former minister of industry Racid was sentenced in absentia to ‎five years in jail after being convicted of embezzling public funds. ‎
He was also ordered to return the sum of LE9.3 million he was found guilty of ‎accumulating during his tenure.‎

Egypt's Ezz Steel Co fell 5.1 percent after the  court decision.

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.

Lourdes Assal
15-09-2011 04:20pm
Amr Assal
This is the biggest injustice I ever heard of. Amr Assal is a decent man. They court just wants to scapegoat him for all the sins of the former administration. Shame on them!
Comment's Title

© 2010 Ahram Online.