A convinction for Ezz Steel's former chairman has nothing to do with current production, the company said Sunday. Ahmed Ezz was sentenced to ten years in prison and fined 660 million EGP (U.S. $110 million) on criminal corruption charges. The verdict is expected to influence Ezz Steel Company and related companies, concerning future investments. Ahmed Ezz, in a statement to the Egyptian stock market issued Sunday, said he is innocent of irregularities, and would continue to appeal against the verdict released on him. Ezz also threatened in his statement to freeze investments in response to the court withdrawing his licenses'. The company said it would preserve the continuity of projects. Its planned investment in a rolling mill will reach 2.6 billion EGP (U.S. $436.2 million), with 1.7 billion (U.S. $285.2 million) spent so far. The court also decided not to accept the civil suits filed against Ezz by civil lawyers.
