The Egyptian oligarch from metallurgy was sentenced to 37 years for using offshore and market monopolization

The Criminal Court of the Egyptian city of Giza passed a harsh sentence to the local metallurgical baron Ahmed Ezzu, sentencing him to a prison for a period of 37 years and reimbursing two billion Egyptian pounds of the damage to the Arab Republic of Egypt. The oligarch was blamed for the appropriation of state funds, illegal enrichment and laundering of money. This was reported on Wednesday by representatives of the judicial authorities of Egypt, RIA Novosti reports.

As it became clear during the investigation, initiated by President Hosni Mubaraka, Mr. EZZ registered several enterprises abroad through which, through transfer pricing, evaded taxes. These operations were carried out by the owner of the Egyptian metallurgical company EZZ Steel for ten years.

During the reign of Hosni Mubarak, Ahmed transferred significant amounts to support the National Democratic Party of Egypt, which was the property of Mubarak. Therefore, at that time the charges against him that he actually monopolized production and the import of steel in Egypt after several court hearings were removed.

After the 2011 revolution, when Mubarak was suspended from the authorities, the victorious revolutionaries banned Ezzu exit outside the country and froze the oligarch's accounts in local banks.