Former NDP strongman charged with money laundering

Ahram Online and agencies, Thursday 3 Nov 2011

Steel tycoon Ahmed Ezz is referred to Cairo criminal court on charges on laundering $1.06 billion in illegally acquired funds

Ahmed Ezz
Ahmed Ezz, a senior leader in former President Hosni Mubarak's party and chairman of Ezz Steel (Photo: Reuters)

Egypt's prosecutor general, Abdel Meguid Mahmoud, has referred steel magnate Ahmed Ezz to Cairo's criminal court on charges of money laundry.

The former chief whip of the dissolved National Democratic Party is charged with laundering LE6.4 billion (US$1.06 billion) which he is accused of raising via illicit profiteering and the appropriation of public funds -- the two crimes for which he is already on remand.

Ezz, currently a resident of Tora prison in southern Cairo, was in May removed from his position as chairman of Ezz Dekheila, a unit of Ezz Steel, one of the largest steel manufacturers in the Middle East.

Ezz faces charges of illegal profiteering and the misuse of public funds, as do several businessmen and officials considered close to the ousted regime. 

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