Steel tycoon Ahmed Ezz’s case adjourned

The Giza Criminal Court adjourned on Saturday the case of steel tycoon Ahmed Ezz and six others until Monday in order to hear the prosecution’s argument.

Defense lawyer Farid al-Deeb questioned the testimonies of prosecution witnesses Saturday, saying that they didn’t state important information. The court also heard from three of the defense’s witnesses.

The case centers on charges that Ezz, former Industry Minister Ibrahim Mohamedein and five company officials acquired the shares of Dekheila Steel in an unlawful way. Ezz, former Industry Minister Ibrahim Mohamedein and the other defendants were referred to court in June 2011 on charges of profiteering and squandering around LE5 billion in public funds. The prosecution has demanded the maximum penalty for all defendants.

Investigations alleged that Mohamedein had enabled Ezz to seize shares at the formerly state-owned Ezz Dekheila Steel Company from 1999 to 2001. The prosecutors accuse Ezz of making illegal profits worth LE687.44 million from the shares, while making a further LE4.82 billion in illegal profits from 2001 to 2011.

Ezz was arrested 24 February 2011 following the resignation of former President Hosni Mubarak. Ezz was a business tycoon and close associate of Gamal Mubarak, son of the deposed president.

Edited translation from Al-Masry Al-Youm

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