Egypt releases steel tycoon on bail

An Egyptian court has released a steel tycoon close to ousted president Hosni Mubarak on a bail of USD 21 million for various charges including money laundering.
Ahmed Ezz, the secretary general of Mubarak's now dissolved National Democratic Party was asked to pay 152 million Egyptian pounds (USD 21 million) as bail charges on unpaid bills, money laundering charges and illicit gains, according to an Egyptian court.
The 55-year-old Egyptian businessman was directed by the court in an order to pay 252 million Egyptian pounds (USD 35.2 million) in fines.
On Tuesday, he paid his first tranche of a 100 million Egyptian pounds fine for monopolistic practices.

He also paid an additional 152 million Egyptian pounds yesterday, over money laundering charges, illicit gains and the illegal acquisition of Ezz El-Dekheila (EZDK) steel plant, according to judicial sources.
On March 10, the steel tycoon and former leader of the disbanded National Democratic Party, Ahmed Ezz has paid two million Egyptian pounds as bail in the case of squandering five billion Egyptian pounds of public money in the state's giant steel plant Ezz El-Dekheila (EZDK).

Ezz was sentenced to seven years in prison in October 2012 over charges of laundering 6.4 billion Egyptian pounds in illegally acquired funds between 2003 and 2011 in deals related to his acquisition of Ezz El-Dekheila steel plant.

Ezz, the former chairman of Ezz Steel, has a 55 per cent stake in EZDK, the largest steel complex in the Middle East.
Over the last three years, Ezz has received cumulative sentences of 60 years in two separate cases, but his appeals have all been accepted and he is currently facing retrials.