Report: Mineral authority squandered LE2 billion in state funds

Report: Mineral authority squandered LE2 billion in state funds

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Thu, 21/02/2013 - 22:25

A report from the Central Auditing Organization sent to the Public Funds Prosecution Thursday said the Egyptian Mineral Resources Authority squandered some LE2 billion in state funds.

The report said the mineral authority assigned Red Sea Mining, a private company owned by former regime members, phosphate exploration concessions from 2002 to 2011 by direct order.

It also said the authority signed 13 contracts with the company, all marred with several irregularities, as the concessions were granted for areas in the Western Sahara that studies proved to already contain phosphate, and were not offered in a public bid.

Edited translation from Al-Masry Al-Youm