Reuters
Several parties in Egypt made urgent moves after the liquidation of the Iron and Steel Company, one of the companies of the Ministry of Public Enterprise Sector, which was established in 1954 during the era of Gamal Abdel Nasser.
read more
The head of the Syndicate of Private Sector Workers, Shaaban Khalifa, called on the government to issue a statement to explain the decision of the Extraordinary General Assembly of the Egyptian Iron and Steel Company to liquidate the company.
Khalifa confirmed, in a statement, that this decision will have negative effects, especially on the middle class owners, in light of the current economic conditions, and on 7,500 workers and their families, indicating that the General Assembly chose liquidation as an easier solution without coming up with an alternative solution outside the fund to extract the company from Losses drain, as the total losses amounted to about 9 billion Egyptian pounds, and it was possible to discuss other solutions, such as partnership with the private sector, or the state granting facilities to the company in the field of export.
Khalifa called on the Prime Minister to assign the competent authorities to “investigate the one who caused the losses of the ancient company, uncover the reasons that led to the company reaching this level, and present it to the judiciary,” indicating the need to clarify the position of 7,500 national, skilled, trained and educated workers working in it, and to emphasize The government’s keenness on their legitimate legal rights.
For his part, Egyptian lawyer, Samir Sabry, filed an urgent lawsuit before the Administrative Court against the Prime Minister, Minister of Business, Chairman of the Board of Directors of the Egyptian Iron and Steel Company, and the legal representative of the Holding Company for Metal Industries, “to stop the implementation of the decision issued to liquidate the Egyptian Iron and Steel Company.”
Sabry said in his lawsuit that the Egyptian Iron and Steel Company witnessed many events, and was a witness to the industry that was established in 1954 by a decision by President Gamal Abdel Nasser, and “possesses huge untapped assets, including lands of up to 790 acres in the company’s possession and a hand in the Tebbin region. As well as 654 acres laying hands in the Bahariya Oasis, in addition to 54 acres purchased from the National Cement Company a year ago, and a plot of land of 45,000 square meters in Aswan.
The lawsuit clarified that the liquidation decision would destroy this ancient industrial project and displace hundreds of workers.
Source: Al-Shorouk + Al-Masry Al-Youm
