Egypt-based steelmaker Ezz Steel has given details of the Egyptian Court of Cassation's decision on the case regarding its acquisition of the El-Dekheila steel plant.
The Court of Cassation has accepted the appeal submitted by Ahmed Ezz, founder of Ezz Steel and its major shareholder, AlaaAbul-Khair, former managing director, and the other defendants in the El-Dekheila case. Accordingly, the Court of Cassation's decision has annulled the ruling against the defendants in question made by the Giza criminal court in March this year and has ordered a retrial in front of a new court.
In March this year, Ahmed Ezz was sentenced to 37 years in jail for profiteering and causing losses of around EGP 5 billion ($724.7 million) of public funds between 2001 and 2011.