MB MP's attribute neglect and shortage of ethics and transparency to company's downfall.
MB MP's attribute neglect and shortage of ethics and transparency to company's downfall.
Thursday, December 3,2009 11:09

The People’s Assembly's Economic Committee, chaired by Dr. Mostafa Al-Saeed, will initiate an investigation on Thursday December 3, questioning the government’s neglect with regards to keeping the nation's best interest in mind.

The requests which   were submitted by the Muslim Brotherhood’s deputies Mahmoud Shaker Senar, Abdel Halim Awadallah and Adel Al-Barmawi accused the government of being directly responsible for destroying national companies which are to be sold at the cheapest prices.



The Brotherhood deputies, in their requests, ascertained that the massive Egyptian Dredgers Company, which was one of the nation's  industrial giants has suffered major downfall due to its failing  to come through with business contracts and deals.  The company's unsuccessful  implementing  and delivering of  promises made with regards to major projects such as Al-Brullus Fishing port won through public tender have caused a breakdown in its reputation. The company has failed to pay workers and employees their entitled wages due to shortages in finances. Moreover the company's machinery was in bad condition making it difficult for successful performance

The MB MPs questioned the reason behind this massive demise claiming that any
Company's downfall often occurs when managements and directors put self above company—overpriced goods and services; hidden losses or inflated revenues to pump up share price or to produce higher bonuses, profit-sharing irresponsible risk-taking. The neglect of duty and or conspiracy with external auditors results in the ruin of any company large or small. Transparency is required if any Company is to flourish where it is imperative that the nation's interest should rise above anything else.