Egypt Independent

Ahmed Ezz money laundering trial adjourned to 5 February



Cairo Criminal Court Sunday postponed the money laundering trial of businessman and former Secretary of Organizational Affairs of the disbanded National Democratic Party (NDP) Ahmed Ezz to 5 February.

Attorney General Abdel Meguid Mahmoud charged Ezz on 3 November with money laundering nearly LE6.5 billion, which Ezz gained from seizing public money and profiteering.

The prosecution added that investigations revealed that Ezz had invested some of the money to establish companies for himself, his wife and his children, and that he transferred public monies to his own bank accounts and the accounts of companies owned by him abroad.

Giza Criminal Court is currently reviewing the case of public money squandering by Dekheila Steel Company in which Ezz, former Industry Ministrer Ibrahim Mohamadein and seven of the company officials are charged.

The court found Ezz guilty in September in another case of squandering public money. It also ordered that he be imprisoned for 10 years for getting licence for producing sponge and billet iron for free without public auction.

The case also included former head of the Industrial Development Authority Amr Asal and former Trade and Industry Minister Rachid Mohamed Rachid.

Ezz is considered one of the foremost business tycoons in Egypt and steel monopolist. He used to be close to the family of ousted President Hosni Mubarak.

The Central Auditing Organization has accused Ezz of monopolizing the steel industry in Egypt through ownnership of three steel producing companies.

Translated from Al-Masry Al-Youm