The Cairo Criminal Court has announced the rationale of verdicts concerning Ezz, Suez, Beshay and Tiba steel companies. In the case, former steel tycoon Ahmed Ezz was sentenced to ten years in prison and fined LE660 million. Former Trade and Industry Minister Rachid Mohamed Rachid was sentenced to 15 years imprisonment and a LE1.4 billion fine.
Since the factories had obtained licenses illegally, the value of the land on which they were built – along with the value of natural gas supplied to them – was ordered to be repaid to the government.
The court also said that Ezz profiteered from his position as secretary of the former ruling party, and that he agreed, with the president of the Industrial Development Authority, to supply him with extra natural gas beyond what his license permitted.
It added that Rachid supplied Ezz with the gas for free, thereby squandering LE1.4 billion of public funds.
Translated from the Arabic Edition