Ahmed Ezz, former chairman of Egypt-based steelmaker Ezz Steel, has been sentenced to seven years in jail and fined EGP 19 billion ($3.2 billion) by a Cairo court on money laundering charges, according to media reports.
The court found that Ezz had laundered EGP 6.4 billion in illegally acquired funds between 2003 and 2011, in deals related to his acquisition of Ezz El-Dekheila steel plant.
As SteelOrbis previously reported, he was already sentenced for 10 years for illegally obtaining steelmaking permits.