Egyptian steel magnate Ahmed Ezz has been sentenced on Wednesday to 34 years in prison and a fine of EGP 2 billion for illegally seizing shares of state-owned firm Dekheila Steel Co.
Giza Criminal Court has sentenced Ahmed Ezz for 34 years in prison alongside a fine of EGP 2 billion for his illegal acquisition of Dekheila Steel Co., profiteering and causing material damage to public funds through wasting EGP 5 billion.
Giza Criminal Court has also on Wednesday pronounced a ruling against the former minister of industry Ibrahim Mohamadeen along with five other officials at Dekheila Steel Co.
The court slapped Ibrahim Mohamadein with a suspended sentence of one year and a EGP 687 million fine for his role in the case.
Ezz Steel has a 55 percent stake in Ezz Dekheila, the largest steel complex in the Middle East. It was previously known as Alexandria National Iron and Steel Company (ANISC) before Ahmed Ezz, then a mid-rank steel manufacturer, was called in to bail-out the struggling publicly-owned company in 1999.
Using his companies Ezz Steel and Ezz Industries, Ezz gradually increased his holding of ANISC, changed its name and became the chairman of the region’s largest steel conglomerate.
Ezz, a prominent figure in the former ruling National Democratic Party, was arrested early in the aftermath of January 25 revolution 2011.
He quit the board of Ezz Steel (ESRS.CA) and Ezz Dekheila Steel (IRAX.CA) in the spring of 2011.