The Egyptian tycoon Ahmed Ezz, former secretary for organisational affairs of the now dismantled National Democratic Party (NDP), has been excluded from his position as chairman of Ezz Dekheila steel company, a unit of Ezz Steel. The comapny announced this step today in a statement sent to Egyptian Stock Exchange.
Ezz is currently in prison awaiting trial for corruption charges.
The statement clarified that Farouk Zaki Ibrahim would be appointed as unexecutive chairman for Dekheila. Mohamed Beblawi has been appointed as managing director, replacing Alaa Abu El- Khair.
On Monday, Ezz Dekheila Steel said its unaudited 2010 net profit was unchanged from the previous year at LE724 million ($122 million).
The firm said in a brief statement to the stock exchange that its revenues rose 21 per cent in the year to LE9.86 billion.
Ezz Steel, Egypt's largest steel producer, holds a 55 per cent stake in Ezz Dekheila.
Shares in Ezz Steel rose 2.8 per cent at the opening of the stock exchange on Monday while Egypt's benchmark index EGX30 was up 0.3 per cent.
The steel magnate Ezz faces charges of illegal profiteering and the misuse of public funds, along with dozens of businessmen and officials considered to be close to the ousted regime. He represents the marriage of wealth, party politics and undue power.