Egypt sentences steel magnate to 10 years for graft

An Egyptian court on Thursday sentenced steel magnate Ahmed Ezz, who held senior party posts under ousted President Hosni Mubarak, to 10 years in jail and fined 660 million Egyptian pounds ($110.9 million) for corruption.

Amr Assal, ex-head of Egypt's Industrial Development Authority, was sentenced to 10 years and the same fine. The presiding judge said it would be up to Ezz and Assal to pay back 660 million pounds together, representing the total of public money he said they had wasted. (Reuters)