Business tycoon Ahmed Ezz cleared of money laundering case

Mohamed Samir
1 Min Read
Steel tycoon Ahmed Ezz (DNE File Photo)

Cairo’s Criminal Court dropped the final corruption case known as the ‘money laundering’ case against Egyptian business tycoon Ahmed Ezz by applying the reconciliation law on Sunday.

Ezz had previously submitted a request for reconciliation with the asset recovery committee, consequently, the Cairo Criminal Court decided to unfreeze his assets and cancel the previous ruling to ban him from traveling.

The general prosecution had earlier charged Ezz with the laundering of EGP 6.5bn, through the influence of peddling and squandering of public finances.

Earlier in March 2013, the Giza Criminal Court, headed by El-Mohamady Qonsowa, sentenced Ezz to 37 years in prison, in the case publicly known as the ‘steel licenses,’ however all charges were dropped after Ezz reconciled—with the assets recovery committee—chaired by GGeneral Prosecutor Nabil Sadek, in return of paying EGP 1.7bn.

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Mohamed Samir Khedr is an economic and political journalist, analyst, and editor specializing in geopolitical conflicts in the Middle East, Africa, and the Eastern Mediterranean. For the past decade, he has covered Egypt's and the MENA region's financial, business, and geopolitical updates. Currently, he is the Executive Editor of the Daily News Egypt, where he leads a team of journalists in producing high-quality, in-depth reporting and analysis on the region's most pressing issues. His work has been featured in leading international publications. Samir is a highly respected expert on the Middle East and Africa, and his insights are regularly sought by policymakers, academics, and business leaders. He is a passionate advocate for independent journalism and a strong believer in the power of storytelling to inform and inspire. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/