Egypt court quashes sentence for Mubarak-era tycoon, orders retrial

An Egyptian court quashed Sunday the sentence of a 7-year prison term and a large fine for a business tycoon over money laundering charges and ordered his retrial, official news agency MENA reported.

The Court of Cassation canceled the jail term and the fine of over 2.7 billion U.S. dollars against Ahmed Ezz, a well-known steel tycoon and former ruling party's leading member at the era of former President Hosni Mubarak over charges of laundering illicit fortune, which he allegedly made through corruption and profiteering.

Despite the retrial decision, Ezz has to remain in prison over other graft convictions.

On March 6, a court sentenced Ezz to 37-year in prison over charges of corruption, profiteering and looting of public funds.

Ezz, who was a close associate of Mubarak's son Gamal, was arrested in February 2011 following an unrest that toppled Mubarak.