Jordan’s ailing phosphates monopoly referred to anti-corruption squad
The Jordanian government has instructed its anti-corruption committee to investigate the flagship phosphates monopoly, which posted nearly $40 million in losses in 2000, officials said Wednesday.
The government took the decision late Tuesday at a cabinet meeting and referred all documents and reports concerning the Jordan Phosphates Mines Company (JPMC) to the committee, the officials said.
The committee was asked to take the "necessary administrative and technical decisions" including the right to "refer to courts" those responsible for the company's financial crisis.
JPMC managing director Khalid Sheyyab admitted last month that losses for 2000 stood at 26 million dinars ($37 million) while debts reached 350 million dinars ($490 million).
He blamed the crisis on "technical reasons" and production backlog while analysts put the blame on poor management as well as a rising production and extraction cost and a drop in world market prices.
The government's decision follows a series of damning reports about the JMPC and a petition by more than 50 out of parliament's 80 members demanding a prompt investigation of the company. — (AFP, Amman)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)