Questioning by MB MPs reveal waste of L.E15 billion!

3 parliamentary questions have been submitted by members of the Muslim Brotherhood parliamentary bloc revealing that the government has wasted approximately 15 billion pounds and caused the loss of a number of significant properties and economic assets.

Abbas Abd al-Aziz, Azab Mustafa and Farid Ismail, of the MB parliamentary bloc, demanded that those responsible for squandering the L.E. 12 billion on Abu Tartar Phosphate Project be referred to a public hearing.

During the session in the People’s Assembly the MPs emphasized their opposition to liquidate the project with the need for an ambitious plan, accusing the successive governments of deliberately neglecting the public sector company’s projects in order to liquidate and sell it.

“The government has spent more than 20 billion pounds on a number of faulty projects and wasted public funds, MP Abbas Abdel Aziz said, adding “the public sector’s losses have amounted to nearly 40 billion pounds”. He denoted that the public spinning and weaving sectors  losses have reached nearly LE 32 billion, El Nasr Automotive Manufacturing Company’s losses are  LE 443 million, chemical industries losses reached almost I billion pounds, river and road transportation losses also reached LE 130 million, shipping reached LE 165 million, the Suez Canal sector rose to LE 700 million, Nasr Company for Salines loss rose to LE 334 million, Cotton sector’s loss nearly 3 billion pounds and drinking water and sanitation losses also amounted to LE 6 billion.

 MP Azab Mustafa Morsi has ascertained that this project is a blatant example of poor strategic planning and a sustained political will to sow corruption. He also revealed that the Central Auditing Organization (CAO) denied allegations that the Ministry of Petroleum gained from the project LE 70 million profits, noting that the report emphasized that these profits are not genuine because the investment bank has a stake. He stressed that the same project has achieved half a billion’ pounds annual profit in Australia where they have a strategic vision for the establishment of a chemical complex in Australia however in  Egypt the “invisible hand” does not want the country’s progress and welfare.

Islamist MP Farid Ismail has reviewed many aspects of the waste of public money in many public sector companies including the Egyptian General Company for Tourism and Hotels (EGOTH), which has upgraded a 120-square-meter pavilion at the Marriott, costing 18 million pounds.

Le Meridian Hotel has been sold to a Saudi Arabian investor at low prices, he said, adding that the Sheraton Hurghada Hotel was also sold for $US 56 million to the same investor.
 
Ahmed Nazif’s government has become notorious for wasting public funds, adding they sold Omar Effendi, which has 83 stores countrywide in the richest areas of Egypt for LE 530 million stressing that its real value is worth more than 2 billion pounds.