The Cairo Criminal Court on Tuesday ordered holding in custody businessman Ahmed Ezz and former head of the Industrial Development Authority Amr Asal over charges of squandering public funds to the value of 600 million pounds.

The court ordered postponing the trial of the two defendants to April 4 in the case known in the media as the "Iron Licenses" case.

The Court of Cassation in December 2012 overturned another ruling issued by the Cairo Criminal Court sentencing Ezz to 10 years in prison along with former trade and industry minister Rashid Mohamed Rashid who was sentenced in absentia to 15 in prison.

The three defendants are accused of profiteering and squandering public funds through granting Ezz two iron manufacturing licenses in violation of laws governing the procedure.

Source: MENA