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Court suspends privatization contracts of three companies

Others | 22 September 2011

CAIRO: The Administrative Court suspended Wednesday the privatization contracts of three privatized companies, returning them to the public sector.

The court’s decision also cleared them of all debts and mortgages resulting from the privatization, and restored the rights of the companies' workers.
 
The Egyptian Center for Economic and Social Rights (ECESR) which filed the lawsuits said in a statement Wednesday that the verdict to suspend the contracts of Endorama Shebin Textile, Tanta for Linen, and Al-Nasr Company for Steam Boilers and Pressure Vessels is one of the center's efforts to restore Egypt's publicly owned companies that were illegally privatized under Mubarak.
 
Endorama Shebin Textile was sold for LE 174 million, even though its real value was estimated at LE 600 millions.Al-Nasr Company for Steam Boilers and Pressure Vessels was sold for $17 million while the estimates of the Central Auditing Agency said that it was worth double that price, according to the statement.

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