Egypt Ezz Steel falls 5.1 per cent after court verdict

Ahram Online and agencies, Thursday 15 Sep 2011

Major steelmaker takes a stock plunge as former chairman faces 10-year prison sentence on graft charges

Egypt's Ezz Steel Co fell 5.1 percent after a court on Thursday sentenced its former chairman, Ahmed Ezz, to 10 years in jail on graft charges and fined him, along with a former official, LE660 million ($110.9 million).

Ezz, who quit the board of Ezz Steel and its Ezz Dekheila Steel unit in May, denies any wrongdoing.

The court found him, along with former trade minister Rachid Mohamed Rachid, and former head of the Industrial Development Authority, Amr Assal, to be guilty of collaborating to grant licences without paying fees.

Ezz was a senior official in former president Hosni Mubarak's National Democratic Party, which was dissolved after an uprising saw Mubarak ousted from power earlier this year.

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