Egyptian court fines 20 cement firm executives

Egyptian court fines 20 cement firm executives
Published: 26 August 2008

Cairo court fined 20 cement industry executives E£10m each on Monday for violations of the monopolies law and price fixing, a judicial official said.

The defendants include executives from Suez Cement, Misr Beni Suef Cement, Misr Qena Cement and Tora Cement.

The trial, which began in February, was the first of its kind under an anti-monopolies law passed three years ago to bring Egyptian law into line with international practices.

After a 14-month investigation, the prosecution accused the executives of fixing prices and agreeing to share out the market for Portland cement in 2005 and 2006.

The new anti-monopolies commission is now investigating the Egyptian steel sector, which is dominated by the Ezz Group of senior ruling party official Ahmed Ezz.