Egypt dissolves cooperative housing societies
The Egyptian government has launched a campaign against housing cooperatives that has led so far to the closure of 1,850 societies.
The grounds for dissolving these cooperatives is financial corruptions. The opposition Al-Wafd newspaper reportedthat Housing Minister Ibrahim Suleiman said the cooperatives have exceeded the permissible limits and should be corrected.
The minister was cited by the paper as saying that the housing cooperative law would be amended. “The new amendments will define the number of board directors and accountability mechanisms. They will also prohibit the renewal for the cooperatives board of directors after their projects are wrapped up.” -- (Mena Report)
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