Former Egyptian steel magnate Ahmed Ezz, who was closely associated with deposed President Hosni Mubarak, has been sentenced to ten years in jail for corruption, alongside two other senior figures associated with the former regime.
Ezz built up a huge fortune in pre-revolutionary Egypt and was seen as the embodiment of the nexus between business and politics under Mubarak. In 2006, it was reported that he controlled around 70 per cent of the country’s steel and iron production, and 50 per cent of its ceramics; he is also believed to have bankrolled Mubarak’s effortless election victory in 2005 in exchange for political power.
Having secured the post of secretary for organisational affairs for Mubarak’s National Democratic Party (NDP), Ezz was critical to maintaining party discipline and to the NDP’s landslide in the 2010 parliamentary elections.
Ezz was arrested on 17th February, several days after Mubarak stepped down in the face of popular pressure, and subsequently faced public humiliation and the torching of his headquarters by protestors.
He was detained on charges of wasting public fund, and has now been convicted for granting licences without payment of fees - alongside former Trade and Industry Minister Rachid Mohamed Rachid (convicted in absentia to 15 years) and the ex-industrial development chief Amr Assal (jailed for ten years). Ezz and Assal must also jointly pay a fine of US$110 million.
The convictions represent another blow by Egypt’s revolutionaries against the country’s former business and political elite. Widespread anger at the corruption and cronyism of Mubarak’s Egypt has led to an aggressive legal campaign against former tycoons, most of whom were connected to the president’s circle. Corruption and abuse of public funds are the most common charges levelled against business figures.
The post-revolutionary anger against powerful elites has led to considerable apprehension among Egyptian businessmen, who fear being accused of conniving with the former regime and – if charged – hold out little hope of a fair trial in the current climate.
Sources: AP, BBC, Reuters
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