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Government to implement privatisation-canceling verdicts - Daily News Egypt

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Government to implement privatisation-canceling verdicts

Procedures for implementing the verdicts will be decided by Legislative and Advisory departments in State Council


The government decided on Wednesday to carry out the verdicts nullifying the privatisation of Tanta Flax and Oil, and Nile Cotton Ginning companies “in respect for judiciary verdicts and response to popular demands”, according to state-owned news agency, MENA.

The Supreme Administrative Court decided on Saturday and Sunday, respectively, to nullify the privatisation of Tanta Flax and Oil Company and Nile Cotton Ginning Company.

MENA reported that the verdicts will be sent to the Legislative and Advisory departments in State Council in order to work out a plan for their implementation.

The Administrative Judiciary issued 11 verdicts ruling the annulment of privatising state-owned-companies since the toppling of Mubarak’s regime on 11 February 2011. The latest of these was the Nile Cotton Ginning verdict, which was the first to nullify privatisation of a company through the bourse.

The government began selling state-owned companies during the 1990s, implementing the advice of the International Monetary Fund (IMF) in order to open opportunities for the private sector, reduce state control over the economy and decrease the budget deficit.

However, the process of privatisation has been controversial, fueling a number of major labour protests since 2005.

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http://www.thedailynewsegypt.com/2013/10/03/government-to-implement-privatisation-canceling-verdicts/
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