CAIRO: Egypt’s steel tycoon Ahmed Ezz posted 2 million EGP bail Monday in the case of squandering 5 billion EGP in public money in the Dekheila Steel Company case, according to Ezz’s lawyer Ahmed Shawky.
Ezz’s lawyer Mohamed Tanweer called on the Giza Criminal Court to release Ezz, who has been detained for 30 months, for passing the 18 months maximum period of custody according to the Egyptian Code of Criminal Procedure.
Tanweer said Ezz would not be released since he is being tried in other cases on charges of illegal sales of steel licenses, monopolistic practices in the Egyptian steel market, and money laundering.
In June 2011, Ezz, along with former Minister of Industry Ibrahim Mohamedein, Managing Director of Dekhila Steel Alaa Abul Kheir, and other company officials, was referred to trial on charges of profiteering and squandering around 5 billion EGP in public funds between 2001 and 2011.
Ezz’s charges also included selling Dekheila products to his own company at below-market prices.
In March 2013, Giza Criminal Court sentenced Ezz to 34 years, Mohamedein to a one year suspended jail sentence, and Abul Kheir to 17 years.
In December 2013, the Court of Cassation accepted the appeal and retrial of Ezz, Mohamedein and Abul Kheir.
Originally published in Youm7.