CAIRO: Egypt’s Court of Cassation reduced Tuesday a fine against steel tycoon and former National Democratic Party member from 100 million EGP ($13.9 million) to 10 million EGP over Ezz’s steel monopoly, Youm7 reported.
In September, a legal motion submitted by Ezz’s defense lawyer to suspend the sentence was accepted. The Economic Misdemeanor Court previously fined him and two other officials from his own company Ezz Dakahlia 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. Although Ezz’s his appeal was accepted but the other officials’ motions were 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.