Tycoon Ezz sentenced To 7 Years, Fined EGP12 bln On Money Laundering

Cairo Criminal Court, headed by Judge Makram Awad, and the two counselors Sobhy El Laban and Hany Abdel Halim, in the presence of Shady Al Barkouky, head of the Supreme State Security Prosecution, carried the tycoon Ahmed Ezz seven years sentence and fined him EGP 12,858, 470 billion, over money laundering case. The court also refused the two civil lawsuits.
The general prosecutor has charged Ahmed Ezz with crime of money laundering within the period from 2002 till May 2011.
Ezz, a close associate of former President Hosni Mubarak’s son Gamal, was sentenced in September 2011 to 10 years in prison for illegally obtaining licenses for steel plants.
Several former government officials and Mubarak associates have been convicted of corruption, including former Interior Minister Habib al-Adly, former Prime Minister Ahmed Nazif, former Finance Minister Youssef Boutros Ghali and former Housing Minister Ahmad al-Maghraby.