Lawyers: Mubarak-era steel tycoon released after posting $21.1M bail

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Lawyers of an Egyptian steel tycoon who was close to Hosni Mubarak's toppled dictatorship say their client was released on bail after three years of detention.

The defense lawyers of Ahmed Ezz said Friday that the steel magnate was released late Thursday after paying bail worth EGP 152 ($21.1) million.

Ezz is facing three different trials on corruption charges, including money laundering, graft and illicit gains.

Lawyer Mohammed Tanweer said a fourth case is underway for monopoly charges. Ezz has been forced to pay $1.5 million as a first installment on $14 million worth of fines connected to the case.

Ezz, who was also a member of parliament, embodied the intertwining of business and politics in the Mubarak era, a key grievance fueling the 2011 uprising.