CAIRO: A legal motion submitted by business tycoon and steel magnate Ahmed Ezz to suspend a sentence requiring he pay a 100 million EGP ($13.9 million) fine was accepted by a lower court until a cassation appeal can be heard in Ezz’s “Steel Monopoly” case, Youm7 reported Thursday.
Along with Ezz, the Economic Misdemeanor Court previously fined two other officials from Ezz Dekheila Steel Company (EZDK) in the same case; Alaa Abu el-Kheir was fined 100 million EGP and Samir Noa’man was fined 500,000 EGP.
Ezz’s challenge was accepted during a court hearing held Thursday, while the challenge submitted by the other two EZDK officials in the same case was rejected by the court.
During Thursday’s hearing, Ezz’s defense paid a fifth installment of the total fine, bringing his total fine payment so far up to 55 million EGP.
Despite the court halting his repayment, Ezz may still have to continue paying the rest of his original fine if the cassation appeal submitted by his defense is rejected.
In July, Ezz was released on bail pending five cases which included charges of defrauding the public, money laundering, illicit gains and steel monopoly, according to Aswat Masriya. It is alleged that Ezz used his close ties to the regime of former President Hosni Mubarak and his National Democratic Party to siphon off huge sums of public funds in corrupt business schemes.
He was arrested in February 2011 following the eruption of the January 25 Revolution that toppled Mubarak on Feb. 11, 2014.
Additional reporting by Ehab el-Mohandes