Ruling Party nixes MB corruption inquisition
Ruling Party nixes MB corruption inquisition
Tuesday, March 2,2010 17:21

Abbas Abdel Aziz, Farid Ismail and Azab Mustafa, from the Muslim Brotherhood parliamentary bloc submitted three interpellations to the People's Assembly stating that the Abu Tartour Phosphate Company and el-Maghara Coal Project have lost LE40 billion, while textile companies have lost LE22 billion. The interpellations also stated that debts owed by the electricity sector have hit LE16 billion, according to the Central Auditing Organization (CAO).

"I'm afraid the losses indicate a government policy that aims to sell these companies.

Abdel Aziz also criticized the government for neglecting the recommendations put forward by CAO concerning the management of el-Maghara Coal Project, whose losses reached LE1.5 billion.

The government could have used the coal and phosphate projects to achieve economic development, said Mustafa, however it mismanaged those projects.

"The government lacks proper strategy revealing the mismanagement of state funds," Mustafa said

Mustafa submitted a report by the CAO refuting allegations by the petroleum ministry that the phosphate project is making LE70 million in profits.

Minister of Petroleum Sameh Fahmi confirmed that technical studies by some of the biggest experts in the field of geology have proven the feasibility of the project. The minister admitted, however that the strategic planning for the project was sub-par.