5 Oct 2012

Steel tycoon convicted of money-laundering

5:55 am on 5 October 2012

One of Egypt's most powerful businessmen has been convicted of money-laundering and fined nearly 20bn Egyptian pounds ($US3 billion).

Ahmed Ezz, who was closely associated with former President Hosni Mubarak and his son Gamal, was also sentenced to seven years in prison.

He was arrested in February 2011 and is now serving a sentence of 10 years for corruption. He was also fined 660 million Egyptian pounds ($US110 million) in September last year.

Ezz made a fortune in the steel industry, but is accused of using his political connections to exert monopoly control over the steel market.

He was a prominent member of the ruling National Democratic Party.