The assets recovery committee, chaired by Prosecutor General Nabil Sadek, decided to reconcile with Egyptian steel tycoon Ahmed Ezz on Wednesday, according to an official statement issued by the General Prosecution office.
The committee decided to settle with Ezz in return for a payment of EGP 1.7bn, including EGP 600m already recovered from abroad.
Ezz had previously submitted a request for reconciliation with the asset recovery committee, on 23 August, to pay EGP 660m in the case on embezzlement of public funds, known as the “steel licenses” case. Consequently, the Cairo Criminal Court postponed his trial, along with top officials from the Ministry of Industry accused in the same case, to 14 April to finalise settlement procedures.
Earlier in March 2013, the Giza Criminal Court, headed by El-Mohamady Qonsowa, sentenced Ezz to 37 years in prison, while six officials from the Ministry of Industry were given sentences ranging from three to seven years, forcing them to repay the sums found to be embezzled in the case, in addition to fining them equal amounts, with the total amount due reaching EGP 3bn.