Egyptian insurance and pension funds missing
The former Egyptian finance minister, Yussuf Butrus Ghali, has been charged with misusing LE198 billion, taken from insurance and pension funds, while Nabil Abdelghani Amine estimates the missing money to be around LE436 billion, when calculating accumulating interests.
In 90 Minutes, a program broadcast on the Alhewar channel, former president of the Central Auditing Agency (CAA), Essam Abdelmoti, confirmed that the previous finance minister of the ousted regime confiscated insurance and pension funds to mitigate budget deficits and thus, give the impression of an efficient regime.
Nevertheless, Soad Abdelmoninm, current head of the Central Auditing Agency (CAA) responded to the above allegations by saying insurance funds have not disappeared as some allege, but rather such funds are being used by the Finance Ministry as an income-generating resource in the form of safe investments.
She added that the funds have been invested in several projects in the last 5 years by the finance ministry and the revenues are then put in the insurance and pension funds. She alleges the surplus, amounting to LE14 billion last year, is evidence of the success of the investments. Nonetheless, she said that a portion of the funds’ money is in fact missing.
She further said that a report has been submitted by the CAA to the Finance Ministry by the Finance Minister which said that such issues are common in a corrupt government. She promised to undertake an in-depth investigation into the location of the money and will notify the public about her Agency’s findings. (Source: www.yallafinance.com)
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