Free Title Deeds Program Ineffective, Says MP Abu El-Futouh

Free Title Deeds Program Ineffective, Says MP Abu El-Futouh

In his statements to Ikhwanweb, MP Sabir Abu EL-Futouh (workers” rights activist) said that the government- proposed bill of state- run assets management through the free title deeds is ineffective.

The Egyptian government proposed to offer free stocks for all legal persons (above 21 years old); however workers and other Egyptian classes will not benefit from this program. “Government resorted to this program after the failure of privatization that was erroneously pursued by the regime,” added Abu El-Futouh.

“Free deeds program will be applicable to the successful companies rather than losing one thus the owner will have to benefit from stocks revenues not to sell them,” he added criticizing the government for proposing such a program to embellish the ruling NDP”s image as well its government.

He stressed that such assets retreated due to the ongoing economic crisis since those companies are sold due to their slumped prices after the financial turmoil.

He said the idea of this program is incomplete since an owner can only benefit from annual revenues rather than sell it.

Abu El- Futouh denoted a dialogue between him and Hussein Megawir (head of the Egyptian Trade Unions) regarding the new asset management program on which Megawir commented: “This project is a mere imitation of the Libyan President Muammar”s idea with defected difference because Muammar distributed funds among the people not mere valueless deeds”.