Hazem Rezkana, lawyer of business steel tycoon Ahmed Ezz, said his client would submit a request to recover LE45 million difference in the fine of iron monopoly, after the Cairo Court of Cassation lowered the fine from LE100 million to only LE10 million, Rezkana told Youm 7.
He explained last year the Economic Court’s verdict fined Ezz with almost LE100 million. and he already has paid five installments of the fine to the treasury of the Economic Court. The value of each premium is LE11 million, with a total of LE55 million.
Rezkana added that he would submit a request to the Economic Court with photo of the verdict issued by the Court of Cassation for refund of LE45 million.
The Criminal Court had ruled earlier, to punish Ezz, a one-time politician and former senior member of Hosni Mubarak's ruling National Democratic Party, with a fine of LE100 million for running a steel monopoly, but Ezz’s defense appealed.
In August, the public prosecutor ordered the release of the former owner of Ezz Steel from prison after he paid an initial fine of LE11 million, part of a larger fine he vowed to pay back to authorities.
