Suez Canal expects return to normal traffic by mid-2026 as Maersk, CMA CGM return    Gaza death toll rises as health crisis deepens, Israel's ceasefire violations continue    Turkey's Erdogan to visit Egypt in early 2026 as Cairo pushes for Palestinian technocratic committee    Egypt's "Decent Life" initiative targets EGP 4.7bn investment for sewage, health in Al-Saff and Atfih    Egypt, Spain discuss cooperation on migration health, rare diseases    Egypt, Oman eye deeper industrial integration through Sohar Port    Egypt, Armenia sign cooperation protocol to expand trade and investment    Three Chinese firms to invest $1.15bn in Egypt's Sokhna industrial zone    Egypt, Viatris sign MoU to expand presidential mental health initiative    Gold, silver rise on Tuesday    Oil prices dip on Tuesday    URGENT: IMF reaches staff-level deal with Egypt on fifth, sixth reviews    Egypt signs EGP 500m deal with Titan to build three waste treatment facilities in Sharqeya    Egypt's PM reviews rollout of second phase of universal health insurance scheme    Egypt sends medical convoy, supplies to Sudan to support healthcare sector    Egypt sends 15th urgent aid convoy to Gaza in cooperation with Catholic Relief Services    Al-Sisi: Egypt seeks binding Nile agreement with Ethiopia    Egyptian-built dam in Tanzania is model for Nile cooperation, says Foreign Minister    Al-Sisi affirms support for Sudan's sovereignty and calls for accountability over conflict crimes    Egypt flags red lines, urges Sudan unity, civilian protection    Egypt unveils restored colossal statues of King Amenhotep III at Luxor mortuary temple    Egyptian Golf Federation appoints Stuart Clayton as technical director    4th Egyptian Women Summit kicks off with focus on STEM, AI    UNESCO adds Egyptian Koshari to intangible cultural heritage list    UNESCO adds Egypt's national dish Koshary to intangible cultural heritage list    Egypt recovers two ancient artefacts from Belgium    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches Red Sea Open to boost tourism, international profile    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    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 steel magnate faces new graft charges: agency
Sherine El Madany Reuters Published in Daily News Egypt on 27 - 06 - 2011

CAIRO: Egyptian steel magnate Ahmed Ezz, a top ally of ousted president Hosni Mubarak who is being investigated for graft, faces fresh charges of profiteering and squandering public funds, state news agency MENA reported.
Ezz, who quit his senior role in Mubarak's National Democratic Party during anti-government protests that unseated Mubarak on Feb. 11, has been detained since Feb. 17 pending his trial on suspicion of wasting public funds.
The Egyptian prosecutor filed new charges against Ezz of unlawfully acquiring shares in Al-Dekheila Steel, now an affiliate of Ezz Steel, between 1999 and 2001, netting illegal gains of LE 687.4 million ($115.3 million), MENA said.
Former industry minister Ibrahim Mohammadein and five officials of Al-Dekheila were also referred to court on charges of profiteering and squandering public funds, MENA added.
Ezz is one of several Egyptian businessmen and former officials being investigated for corruption since the uprising.
He has denied all wrongdoing and said in a letter sent to media from prison that the charges against him were unfounded and a fair trial would prove his innocence.
Ezz is also being investigated for misusing public money and abusing his position as head of Al-Dekheila board to buy steel below cost and have fines he owed to Al-Dekheila dropped between 2001-2011, making illegal gains of LE 4.82 billion.
Ezz Steel, Egypt's largest steel producer, holds a 55 percent stake in Ezz Dekheila. Ezz quit Dekheila's board on May 16.
In another case brought in February, prosecutors accused him of illegally acquiring steel production licenses from the state.
Adel el-Saeed, a spokesman for the state prosecutor, was quoted by MENA as saying Ezz was being questioned on further separate charges of monopolizing Egypt's steel market. –Additional reporting by Omar Fahmy

Clic here to read the story from its source.