Egypt's business tycoon Ezz transferred to Criminal Court on wasting Dekheila public funds

Ahram Online, Sunday 26 Jun 2011

Former NDP member Ahmed Ezz is accused of profiting billions at the expense of government-held business

The Prosecutor-General has ordered the transfer of former NDP giant Ahmed Ezz and Minister of Industry Ibrahim Salem Mohamadein to the criminal court to be tried for illegal profiteering and massive waste of public funds.

Five employees of the Ezz El-Dekheila Steel Company were also transferred to the criminal court.

A statement released on the official Facebook page of the General Prosecution said investigations by the Supreme Public Funds Prosecution has found that Mohamadein allowed Ezz to acquire shares of El-Dekeila Steel Company in violation of regulations and exempted him from paying the dues on these shares and overdue payment fees. This allowed Ezz to accumulate LE687.4 million between 1999 and 2001.

According to investigations, Ezz has also accumulated LE4.82 billion between 2001 and 2011 while he was the chairman of theEl-Dekheila Steel Company as he assured the interest of his own companies at the expense of El-Dekheila, of which the government was the main stakeholder.

Ezz was the national organizer of the NDP and a close confidante of Gamal Mubarak, the younger son of ousted president Mubarak.

Short link: