North Giza Criminal Court ordered the release of steel tycoon Ahmed Ezz on Tuesday on EGP50 million bail for charges of profiteering. Ezz was also ordered to be released on bail in other concurrent proceedings.
An Egyptian criminal court in March had ordered the release of Ezz on the condition that he pay EGP2 million bail on charges of the illegal acquisition of the state's giant steel plant Ezz El-Dekheila (EZDK).
In September 2013, Ezz's release was also ordered on a bail worth EGP100 million, on separate charges of laundering funds related to El-Dekheila.
In mid-2013, Ezz was fined EGP100 million on charges of monopolistic practices. The fine and successive bail orders must all be paid prior to release.
Ezz is being retried on several corruption charges, among them illegally acquiring EGP6.4 billion between 2003 and 2011 in deals related to his acquisition of Ezz El-Dekheila steel plant. Over the last three years, Ezz has received cumulative sentences of 60 years in prison, but his appeals have been all accepted and he is currently facing retrials.