Egyptian steel tycoon released on bail in profiteering case

An Egyptian steel tycoon accused of profiteering was today ordered to be released on a bail of about USD 7 million by a court here.
Ahmed Ezz, a 55-year-old businessman and a close associate of ousted President Hosni Mubarak's son was asked to pay 50 million Egyptian pounds as bail (about USD 7 million) for charges of profiteering by the North Giza Criminal Court.
On March 10, the steel tycoon and former leader of the disbanded National Democratic Party, paid 2 million Egyptian pounds as bail in the case of squandering 5 billion Egyptian pounds of public money in the state's giant steel plant Ezz El-Dekheila.

Ezz was sentenced to seven years in jail in October 2012 for charges of laundering 6.4 billion Egyptian pounds from illegally acquired funds between 2003 and 2011, in deals related to the acquisition of Ezz El-Dekheila steel plant.
He is the former chairman of Ezz Steel and has 55 per cent stake in the largest steel complex in the Middle East.