CAIRO: Cairo’s Misdemeanor Tax Evasion Court decided Sunday to refer the retrial session of Egyptian business tycoon Ahmed Ezz over charges of evading tax payments to experts in the Ministry of Justice.
Ezz is being retried on charges of evading tax payments worth 10,680,000 EGP related to his acquisition of Ezz El-Dekheila (EZDK) steel plant.
Ezz is the former chairperson of Ezz Steel and has a 55 percent stake in EZDK, the largest steel complex in the Middle East. It was previously known as Alexandria National Iron and Steel Company (ANISC) before Ezz, then a mid-rank steel manufacturer, was called in to bail out the struggling publicly owned company in 1999.
He was found guilty of the charges in October 2012 and was sentenced to seven years in prison on charges of laundering 6.4 billion EGP in illegally acquired funds between 2003 and 2011 in deals related to his acquisition of Ezz El-Dekheila (EZDK) steel plant.