Gamal Mubarak and Atef Ebeid 'wasted LE7 billion through privatization'
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Gamal Mubarak and Atef Ebeid 'wasted LE7 billion through privatization'
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Sun, 02/10/2011 - 19:37
Gamal Mubarak, son of deposed President Hosni Mubarak, Atef Ebeid, the former prime minister, and nine former ministers, wasted some LE7 billion in privatizing 11 public-sector companies, said reports compiled by the Public Funds Prosecution and the Administrative Supervisory Authority.
The prosecution requested all supervisory bodies complete investigations into the rest of the companies that were privatized, as 19 were privatized in all.
The reports said the accused contacted certain businessmen and offered to sell them the companies for low prices, but did not say they took kickbacks in return.
Among the companies that were sold were Tanta Linen, and the Holding Company for Chemical Industries is still under investigation.
Translated from the Arabic Edition
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