Egypt’s business tycoon Salah Diab acquitted of building factory fence without a licence

Egypt’s business tycoon Salah Diab acquitted of building factory fence without a licence

A Cairo Misdemeanor Court acquitted on Thursday famous Egyptian businessman Salah Diab on charges of building a fence without a license on state land.

Diab was accused of building the fence for his La Poire patisserie and bakery factory.

According to news reports, Diab's lawyer revealed to the court that the business tycoon resigned from the board of directors of La Poire chain in 2013.

Diab was arrested in early September on several corruption charges and tax evasion, and was later released on EGP 20,000 bail.

Diab is the co-founder of Al-Masry Al-Youm, one of Egypt's largest privately-owned daily newspapers, and is also the co-founder of PICO group, which has five main business branches including food and agriculture, real estate, energy, engineering and finance investments.

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