Egypt Ezz Steel down 8.9 pct after court verdict

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CAIRO: Egypt’s Ezz Steel Co fell 8.9 percent after a court sentenced on Thursday its former chairman, Ahmed Ezz, to 10 years in jail on graft charges and fined him, along with a former official, LE 660 million ($110.9 million).

Ezz, who quit the board of Ezz Steel and its Ezz Dekheila Steel unit in May, has denied any wrongdoing.

He was found on Thursday, along with former trade minister Rachid Mohamed Rachid, and former head of the Industrial Development Authority, Amr Assal, to be guilty of collaborating to grant licenses without paying fees.

Ezz was a senior official in former president Hosni Mubarak’s National Democratic Party, which was dissolved after an uprising saw Mubarak ousted from power earlier this year.

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