Documents show the abuse of 5 billion pounds in the deal of selling Ideal to Olympic

Author: Nour Ali - Al-Youm Al-Sabea Newspaper

An article published in Al-Youm Al-Sabea (the seventh day) newspaper tackling the accusations of the MP Gamal Zahran to the government of corruption and abusing more than five billion pounds of the public funds in the deal of selling Ideal Company to Olympic Company in 1997.

Zahran revealed, in an interrogation for the Prime Minister and a number of ministries before the People's Assembly, that there are 8 incidents highlighting the fact that the government is corrupt, including: selling Ideal, which is one of the largest castles of industry in Egypt, despite that it did not incur losses, the company was sold for 315 million pounds while its actual value was estimated by 1.3 billion pounds, the investor put pressure on workers to resign and he seized their entitlements, although they are from the Employees Service Fund, the main investor violated the terms of the contract like keeping the workers, continuing with the company's activities and the exploitation of its lands in the current activity, but the investor demolished factories and forged the first budget of the company to reduce its assets, as well as selling a 10,000 m2 piece of land to Olympic as 8,000 m2 thousand only, as well as the failure of the Ministry of Manpower and Immigration to respond to the complaints of the workers.

He wondered: If the government has wasted five billion pounds in one deal, what about the amount of money wasted in all the deals? And who got the difference?

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