A historical ruling favours the lifting of custody of the Engineers Syndicate
|Tuesday, December 29,2009 08:46|
The Cairo Criminal Court decided yesterday to lift the impounding of the Engineers' Syndicate in the case filed by the Egyptian Centre for Economic and Social Rights for the Association of "Engineers against Sequestration".
"Engineers against Sequestration" decided, earlier this month, to end their strike and initiate demonstrations and protests against the government demanding response to their legitimate demands of lifting custody and allowing elections.
Custody was placed on the Engineers' Syndicate since 1995. Eng. Omar Abdallah, Co-ordinator of the Association, exposed the squandering of hundreds of millions of pounds belonging to the syndicate's funds by the judicial custodians of the Financial and Administrative Affairs of the syndicate.
The Egyptian Central Accounting Agency (CAA) issued a report which reveals the involvement of the former judicial custodians in financial irregularities indicating that the syndicate's funds were spent without submitting any budgets from the syndicate to the General Assembly which has the right to discuss finances as stipulated under law No. 66 of 1974.
In their complaint submitted to the Attorney General in 20 December 2009, the association provided a number of financial irregularities including the custodians' purchase of 1950 flats from the Egyptian-Kuwaiti Company with the funds of the syndicate amounting to 1325 pounds per meter in violation of law.
The complaint highlighted that the money spent close to 300 million pounds paid in cash to the Egyptian-Kuwaiti Company however the judicial custodians along with its administrative apparatus were only able to sell 150 flats which means that the Syndicate still has 1800 flat worth 286 million pounds without a buyer. These flats were completed in the year 2000 and could not be marketed until 2008; therefore, the judicial custodian bought it in cash to solve the problem of the company hence wasting the syndicates' funds.