Agricultural Bank of Egypt offers 5-year livestock loans at 5% to support small farmers    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    EGP closes high vs. USD on Wednesday    Germany's regional inflation ticks up in April    Euro area GDP growth accelerates in Q1'25    Taiwan GDP surges on tech demand    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    Pakistan says 'credible intelligence' of Indian attack within 36 hours, vows decisive reply    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    UN chief Guterres criticises Israel's Gaza aid blockade, warns on two-state solution    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Egypt FM affirms full support for Somalia's unity, security    Central Bank of Egypt meets Chinese delegation to enhance bilateral relations    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    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.



Mubarak-Era Tycoon Ahmed Ezz to Be Retried in Monopoly Case
Amwal Al Ghad Published in Amwal Al Ghad on 07 - 11 - 2013

A Cairo court has accepted an appeal by prosecutors against the release of business tycoon Ahmed Ezz and two associates on monopoly charges.
Ezz – majority-owner of Ezz El-Dekheila steel company and a senior figure in Hosni Mubarak's National Democratic Party – and company CEO Alaa Abul-Kheir were ordered by the court on Wednesday to pay fines of EGP 100 million ($14.2 million) each, while sales manager Samir Noaman was fined EGP 500,000 ($71,000)
The three men were accused of monopolistic practices for penalising steel distributors who did not sell their entire market share during a given month by reducing their shares for the next month.
Ezz is to be retried on other corruption charges, including money laundering, illegally procuring steel licenses, and receiving unmerited benefits from Egypt's Industrial Modernisation Centre.
Overall, Ezz has been sentenced 60 years, but his appeals were accepted in many of those cases and he is to face retrials.
In September, Cairo Criminal Court ordered his release on bail of EGP 100 million after he was retried on charges of laundering EGP 6.4 billion in illegally acquired funds between 2003 and 2011 in deals related to his acquisition of Ezz El-Dekheila (EZDK) steel plant.
Ezz is the former chairman of Ezz Steel (ESRS.CA) and has a 55 percent stake in EZDK, the largest steel complex in the Middle East. It was previously known as Alexandria National Iron and Steel Company (ANISC) before Ezz, then a mid-rank steel manufacturer, was called in to bail out the struggling publicly-owned company in 1999.
Ezz was secretary-general of Hosni Mubarak's National Democratic Party prior to the 2011 revolution and was a close associate of the former president's son Gamal Mubarak.
Source: Ahram Online

Clic here to read the story from its source.