Egyptian steel magnate fined $3 billion for money laundering during Hosni Mubarak's era

Published October 04, 2012

| Associated Press

A Hosni Mubarak-era steel magnate has been sentenced to seven years in prison and fined 19.5 billion Egyptian pounds (about $3 billion) for money laundering.

An Egyptian court convicted Ahmed Ezz on Thursday. He is already serving a 10-year sentence for a corruption conviction last year.

Mubarak is serving a life sentence for failing to prevent the killing of protesters during an uprising that forced him to step down last year. His sons Gamal and Alaa are in custody while on trial for insider trading and, separately, on corruption charges.

Ezz was a powerful insider in Mubarak's now-dissolved ruling party and a close aide to the ousted leader's son Gamal.

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