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Wednesday, 12 October 2016

Justice Ministry report alleges that Ahmed Ezz is guilty of corruption

Justice Ministry report alleges Ahmed Ezz is guilty of corruption: A Justice Ministry report which allegedly contains evidence of corruption against steel magnate and Mubarak-era politician Ahmed Ezz has landed on the Illicit Gains Authority’s desk, judicial sources tell Al Shorouk. The authority will reportedly use the document to seek a settlement agreement with Ezz or recommend he continue to stand trial, the source noted. Ezz’s lawyers tell the newspaper he has no interest in a settlement, saying he is innocent. Ezz is currently facing a retrial on charges of misappropriating EGP 3 bn in public funds.

And speaking of steel magnates: The Ismail cabinet has reportedly reassured steel manufacturers that it would reduce the price of natural gas this month to USD 4.5 per mmBtu. The word came after a meeting between Prime Minister Sherif Ismail and the Federation of Egyptian Industries (FEI), said Gamal El Garhy, head of the metal industries division of the FEI, Al Borsa reports. Industry and Trade Minister Tarek Kabil had promised the repricing of gas to steel factories would happen last month.

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