Egypt steel magnate Ezz handed 15-day custody order on new corruption charges

Bassem Abo Alabass, Wednesday 26 Mar 2014

Ahmed Ezz, a former tycoon and stalwart of the Mubarak regime, is facing a number of retrials on charges of illicit gains and squandering public funds

File photo: Ahmed Ezz, a senior leader in former President Hosni Mubarak's party and chairman of Ezz Steel, arrives in a police vehicle outside the court in north Cairo February 23, 2011. (Photo: Reuters)

Egypt’s business tycoon Ahmed Ezz was handed 15-day remand period by the Illicit Gains Authority (IGA) Wednesday on new charges of profiteering and amassing wealth from unregistered sources.

“Villas, luxury cars and lands are among the issues that Ezz has been questioned over,” an official source at the IGA told Ahram Online.

The source added that currently there is an experts committee examining and evaluating Ezz’s properties.

South Cairo Criminal Court will hold the first session of the Ezz El-Dekheila retrial case on 12 April, where steel magnate Ezz and six other former state officials face charges of profiteering and squandering public funds.

Ezz was slapped with 37 years in prison in March 2013. But the Egyptian Court of Cassation overturned the verdict in December 2013 to allow for a retrial.

Ezz has received cumulative sentences of 60 years in prison in a number of trials on charges of corruption and illicit gains. But he will stand for several additional retrials as appeals have been accepted in the majority of these cases.

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