Egypt: Steel tycoon fined £2bn
Ahmed Ezz, the former owner of Ezz Steel, with close links to the Mubarak regime was recently fined 20 billion Egyptian Pounds (£2bn) and jailed for seven years for money-laundering by the Egyptian courts. Ezz Steel is the largest steel company in the Middle East. Mr Ezz was accused of using his connections to Gamal Mubarak, son of the former Egyptian dictator, to obtain a monopoly in the steel industry. Mr Ezz was arrested in April 2011 and is already serving a sentence of ten years for corruption.