FILE - Egyptian steel tycoon Ahmed Ezz at court
CAIRO – 8 March 2018: The Cairo Criminal Court dropped a corruption case against steel tycoon and Mubarak-era politician
, following a reconciliation deal with the government.
Ezz paid the government LE 1.7 billion as part of a reconciliation deal. The reconciliation came in accordance with the new Reconciliation Law amendment, Article 18, of the criminal procedure law, issued in October 2015. The amendment stipulates that it is permissible to reconcile with defendants accused of criminal offenses and misdemeanors punishable by law, after the payment of a fine.
Shortly after the outbreak of the 2011 revolution, Ezz was sentenced to prison over corruption lawsuits regarding iron and steel licenses, money laundry, and the misuse of public funds, which amounted to LE 660 million ($36.9 million); most of the verdicts against him were later overturned.
In August 2017, Ezz offered a reimbursement to the government totaling LE 660 million, in order to drop the case of squandering public funds from the state-owned Dekheila Steel Company, and to remove him from the travel-ban list. “I will reconcile with Egypt, and I will be buried here,” Ezz added.
In June 2017, former Trade Minister Rashid Mohamed Rashid, whose assets were frozen upon investigations, returned to Egypt from Italy after reconciling with the government. Also, in July 2017, Spanish-Egyptian businessman Hussein Salem arrived in Cairo from Spain after reaching a reconciliation agreement with the government.