Egypt court cuts steel tycoon Ahmed Ezz's monopoly fine

Ahram Online , Tuesday 25 Nov 2014

Fine for manipulating steel prices dropped from LE100 million to LE10 million

Ahmed Ezz
Ahmed Ezz (Photo: Reuters)

Egypt's cassation court reduced the fine levied on steel Tycoon Ahmed Ezz for monopolistic practices by 90 percent.

The fine was reduced to LE10 million ($1.4m), down from the LE100 million ($14m) he was handed last year for manipulating steel prices through his Ezz Steel company, a judicial source said. He has already paid LE55 million from the due amount and was released in August.

Ezz along with other figures of Hosni Mubarak's regime was jailed following a 2011 uprising that forced the former president to step down. He faces several corruption charges, including illegally acquiring LE6.4 billion between 2003 and 2011 in deals related to his acquisition of Ezz El-Dekheila (EZDK) steel plant.

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.

Ezz served as the national organiser of Mubarak's now-dissolved National Democratic Party.

He is widely credited for orchestrating massive voter fraud against the opposition in Mubarak's last parliamentary elections in November and December 2010.

 

Search Keywords:
Short link: