Court upholds 3 year jail sentence for Egypt tycoon Nassef Sawiris

An Egyptian misdemeanour appeals court has upheld a previous ruling sentencing construction tycoon Nassef Sawiris to three years of jail time and a LE50 million ($7 million) fine for failing to pay a settlement to Egypt's Tax Authority.

The original in-absentia ruling had been appealed in July, but Sawiris, former CEO of construction and fertilizer producer Orascom Construction Industries, failed to attend the appeals court session on Sunday.

In March 2013, the Ministry of Finance under president Mohamed Morsi had accused OCI of tax evasion related to a 2007 $15 billion deal with French cement giant Lafarge, and demanded the company pay LE14.4 billion.