Egypt: Egyptian steel magnate jailed for corruption

A court in Egypt has sentenced a former ruling party official to 10 years in prison on corruption charges.

Steel magnate Ahmed Ezz and an associate were also fined more than one-hundred million dollars, and his company licences were revoked.

The verdict caused shares in his company Ezz Steel to fall by 10 percent.

Al Jazeera's Sherine Tadros reports from Cairo.