Magnate and Mubarak Associate Jailed, Fined

A steel tycoon closely associated with ousted president Hosni Mubarak has been sentenced to 10 years and fined $110 million.

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Gabe Kahn.,

Ahmad Ezz
Ahmad Ezz
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A Cairo court Thursday sentenced an Egyptian steel tycoon closely associated with the regime of ousted president Hosni Mubarak and a fugitive former minister to jail in corruption trials.

Ahmad Ezz, a senior member of Mubarak's National Democratic Party and the country's top steel magnate was sentenced to 10 years and fined 660 million Egyptian pounds ($110 million), according to a live broadcast on state television.

The steel licences for his two companies were also revoked.

Former minister of foreign trade Rashid Mohammad Rashid was sentenced in absentia to 15 years.

Rashid, who is the subject of an international arrest notice, has already been sentenced to five years for squandering public funds and five years for embezzlement in previous cases. His whereabouts are unknown.

The trials are part of a broad probe into corruption by the country's new military rulers who took power after Mubarak was ousted by a popular uprising in February.

The former president and his two sons are currently on trial on murder and corruption charges.