Giza Criminal Court postponed on Monday its review of the Ezz Steel case to November 1st 2011.

Mr Ahmed Ezz former National Democratic Party Organization Secretary and Mr Ibrahim Hemdan former Industry Minister face charges of illegal acquisition of wealth and intentional squandering of EGP 5 billion of public money.

According to investigations, Mr Hemdan helped Mr Ezz acquire the then state owned Ezz Steel between 1999 and 2001 in violation to the law. Investigations also revealed that Mr Hemdan gave Mr Ezz financial privileges and exempted him from fines, allowing him to make profits of more than EGP 687.4 million.

Investigations further revealed that with the help of other officials from the company, Mr Ezz made profits of more than EGP 4.8 billion between 2010 and 2011.

(Sourced from Al Masry Al Youm)