Egypt jails two ex-officials and business tycoon for corruption

An Egyptian court sentenced two former officials and a business tycoon to jail on Thursday, on charges of squandering 660 million Egyptian pounds (111 million dollars) in state money, according to state television.

The Cairo Criminal Court sentenced in absentia former industry minister Rachid Mohamed Rachid, to 15 years' prison for illegally licensing senior politician and steel mogul Ahmed Ezz to set up an iron plant, according to the report.

Rachid's whereabouts have been unknown since he left Egypt in February.

The court also sentenced Ezz and former senior Industry Ministry official Amr Asal each to 10 years' prison in the same case. Both appeared in the dock when the verdict was issued, state television reported.

The court imposed a joint fine of 660 million Egyptian pounds, equivalent to the amount of money squandered.

Ezz was a senior politician in former president Hosny Mubarak's ruling party and monopolized Egypt's steel industry for years. He was a close associate of Mubarak's younger son, Gamal.