Investigations revealed that both suspects closed a deal with German Otis Co. to import license plates with a direct purchase order at the cost of 176 million EGP (U.S. $25.5 million), without comparing it to other price quotations as dictated by law.
In February the Court of Cassation overturned the Criminal Court’s verdict on Nazif and Adly and other suspects being tried in absentia, and determined that they must be retried.
The past verdict included imprisoning Nazif for one year with a suspended sentence and imprisoning Adly for 5 years, as well as imprisoning former Minister of Finance Youssef Boutros-Ghali to 10 years in absentia.
The verdict also included imprisoning the legal representative of the German company for a year with a suspended sentence for squandering 92 million EGP of public funds by purchasing the license plates at a price that exceeded market prices.
Reporting by Mohamed Abdel Razeek.