Mubarak-Era Ezz’s Fine for Steel Monopoly Reduced

The Court of Cassation reduced on Tuesday a fine Mubarak-era’s steel tycoon Ahmed Ezz was ordered to pay for steel monopoly from 100 million to 10 million Egyptian pounds.

The same fine was also reduced, in the same amount, to Alaa Abul Kheir, from the Ezz Dekheila Steel Company, said Ezz’s lawyer Farid al-Deeb.

Deeb told Aswat Masriya that the court also fined Samir Noman, the company’s sales manager, 500 thousand pounds.

Ezz has already paid 40 million pounds, Deeb said, adding that his client will take the necessary measures to reclaim the 30 million pounds he is now owed following Tuesday’s sentence.

The steel tycoon was released from custody on August 8 after paying the first installment of his 100 million pounds steel monopoly fine.

Ezz was arrested in 2011 following the January uprising against toppled president Hosni Mubarak.

The businessman and steel tycoon was the secretary general of the dissolved National Democratic Party (NDP), which was headed by Mubarak.

Source : Aswat Masriya