BREAKING NEWS

Report: Egypt steel magnate faces new graft charges

By REUTERS

JUNE 26, 2011 21:14

CAIRO - Egyptian steel magnate Ahmed Ezz, a top ally of ousted Egyptian president Hosni Mubarak who is being investigated for graft, faces fresh charges of profiteering and squandering public funds, state news agency MENA reported.

Ezz, who quit his senior role in Mubarak's National Democratic Party during anti-government protests that unseated Mubarak on Feb. 11, has been detained since Feb. 17 pending his trial on suspicion of wasting public funds.

The Egyptian prosecutor filed new charges against Ezz of unlawfully acquiring shares in al-Dekheila Steel, now an affiliate of Ezz Steel, between 1999 and 2001, netting illegal gains of 687.4 million Egyptian pounds ($115.3 million), MENA said.

Former industry minister Ibrahim Mohammadein and five officials of al-Dekheila were also referred to court on charges of profiteering and squandering public funds, MENA added.

Ezz is one of several Egyptian businessmen and former officials being investigated for corruption since the uprising.

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