Egypt stocks close higher on Sept. 30, foreigners drive buying    Egypt backs Sudan sovereignty, urges end to El-Fasher siege at New York talks    Egyptian pound weakens against dollar in early trading    Egypt's PM heads to UNGA to press for Palestinian statehood    As US warships patrol near Venezuela, it exposes Latin American divisions    More than 70 killed in RSF drone attack on mosque in Sudan's besieged El Fasher    Al-Wazir launches EGP 3bn electric bus production line in Sharqeya for export to Europe    Egypt, EBRD discuss strategies to boost investment, foreign trade    DP World, Elsewedy to develop EGP 1.42bn cold storage facility in 6th of October City    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt expands medical, humanitarian support for Gaza patients    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt's Cabinet approves Benha-Wuhan graduate school to boost research, innovation    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's steel tycoon Ahmed Ezz acquitted of monopoly charges
Egypt's economic felonies court acquits steel tycoon and former National Democratic Party secretary-general Ahmed Ezz and his associates of monopoly charges
El sayed Gamal El din Published in Ahram Online on 30 - 06 - 2013

Egypt's economic felonies court has acquitted steel tycoon Ahmed Ezz and two of his associates of charges of engaging in monopolistic practices in the Egyptian steel market on Sunday.
Ezz, who was formerly the secretary-general of Hosni Mubarak's National Democratic Party (NDP) – is the former chairman of Ezz Steel, the largest steelmaker in the region.
The public funds prosecution had referred him to court in January, along with Ezz Steel managing director, Alaa Abul-Kheir, and sales manager, Samir Noaman, on charges of violating the 2005 Law 3 on monopolistic practices.
Prosecution argues that Ezz Steel had violated antitrust laws by forcing its distributors to use their monthly allocations of steel or risk financial penalties.
Ezz Steel controls some 50 percent of Egypt's steel market. In 2009 the company was cleared of any violations of the monopoly law by the Egyptian Competition Authority.
After president Mubarak was ousted in a huge uprising in 2011, Ahmed Ezz became entangled in legal troubles. He was dismissed from his position as chairman of Ezz El-Dekheila in May 2011 and is currently under guard at Tora Prison in southeast Cairo.
In May, Egypt's Court of Cassation ordered Ezz be retried, after he successfully appealed his conviction on charges related to his alleged role in money laundering, illicit profiteering and appropriation of public funds.
The court cancelled Ezz's seven-year prison sentence and LE19.3 billion fine.
In March, a Giza criminal court slapped the businessman with 37 years worth in jail and an LE2 billion fine on charges of illegally acquiring shares in the Dekheila steel company.
Furthermore, he was given a seven-year jail sentence in October 2012 for illicit profiteering and appropriation of public funds related to the acquisition of the Alexandria National Iron and Steel Company (later renamed Ezz El-Dekheila).
In December, however, Egypt's Court of Cassation cancelled another 10-year sentence a court had given him on graft charges related to the illegal sale of steel licenses.
http://english.ahram.org.eg/News/75321.aspx

Clic here to read the story from its source.