Trade Resources Industry Views Ezz Steel Gave Details of The Egyptian Court of Cassation's Decision on The Case

Ezz Steel Gave Details of The Egyptian Court of Cassation's Decision on The Case

Egypt-based steelmaker Ezz Steel has given details of the Egyptian Court of Cassation's decision on the case regarding its acquisition of the El-Dekheila steel plant.

The Court of Cassation has accepted the appeal submitted by Ahmed Ezz, founder of Ezz Steel and its major shareholder, AlaaAbul-Khair, former managing director, and the other defendants in the El-Dekheila case. Accordingly, the Court of Cassation's decision has annulled the ruling against the defendants in question made by the Giza criminal court in March this year and has ordered a retrial in front of a new court.

In March this year, Ahmed Ezz was sentenced to 37 years in jail for profiteering and causing losses of around EGP 5 billion ($724.7 million) of public funds between 2001 and 2011.

Source: http://www.steelorbis.com/steel-news/latest-news/egyptian-court-annuls-37_year-jail-sentence-received-by-ahmed-ezz-802286.htm
Contribute Copyright Policy
Egyptian Court Annuls 37-Year Jail Sentence Received by Ahmed Ezz
Topics: Metallurgy