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Egypt authorities to review sale of 185 privatised firms

Attorney will head new investigations into exactly how companies were sold to the private sector during the Mubarak era

Ahram Online, Thursday 20 Sep 2012
privatisations regulations
The subsidiary of Omar Effendi chain store in Alexandria
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Egypt's Cabinet has formed a committee to review the sale of 185 publicly-owned companies during the reign of ex-president Hosni Mubarak, the state-owned Al-Ahram newspaper reported on Thursday.

The General Attorney of Public Funds Ali El-Hawary is heading the investigations which will look into the different procedures by which Egyptian state firms were transferred to the private sector.
 
In the wake of the early 2011 uprising, Egypt has seen heightened debate over the status of formerly publicly-owned companies. Five were reordered renationalised last year, with a court set to hear appeals against the moves in October.
 
Last Thursday an Egyptian court also ruled that the privatisation of Assiut Cement be cancelled and the firm returned to state ownership.
 
Assiut Cement was 95.8 per cent owned by CEMEX, a global building materials firm, since its privatisation in 1999.
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