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Tags: egypt | tycoon | jailed | laundering

Powerful Egyptian Tycoon Jailed for Money Laundering

Friday, 05 October 2012 07:04 AM EDT

CAIRO — A Hosni Mubarak-era steel magnate has been sentenced to seven years in prison and fined 19.5 billion Egyptian pounds (about $3 billion) for money laundering.

An Egyptian court convicted Ahmed Ezz on Thursday. He is already serving a 10-year sentence for a corruption conviction last year.

Mubarak is serving a life sentence for failing to prevent the killing of protesters during an uprising that forced him to step down last year. His sons Gamal and Alaa are in custody while on trial for insider trading and, separately, on corruption charges.

Ezz was a powerful insider in Mubarak's now-dissolved ruling party and a close aide to the ousted leader's son Gamal.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


MiddleEast
A Hosni Mubarak-era steel magnate has been sentenced to seven years in prison and fined 19.5 billion Egyptian pounds (about $3 billion) for money laundering.
egypt,tycoon,jailed,laundering
111
2012-04-05
Friday, 05 October 2012 07:04 AM
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