Measures introduced to prevent corruption at Egyptian bourses
A charge by an Egyptian member parliament, Kamal Ahmed, in which he stated that he is holding documents that prove corruption to be taking place at the Cairo and Alexandria stock exchanges, has led to the country’s minister of economy, Youssef Boutros Ghali, to place both bourses under the supervision of the Central Agency for Mobilization and Statistics (CAMS).
Among the charges made by Ahmed was that employees at the two stock exchanges were receiving overly generous salaries doing jobs, for which they were not qualified.
Unlike what some may have expected, Boutros Ghali’s announcement was not rejected out of hand by the stock exchange’s management. Sameh Al Torgoman, the chairman of the Cairo and Alexandria Stock Exchanges said he welcomed the supervision of CAMS, and called on Ahmed to send all the incriminating documents he was holding to the state prosecutor.
Ahmed had also accused high-ranking bourse officials with income tax fraud. To counter this, Boutros Ghali said a special account would be created at Misr Bank through which bonuses would be paid to employees and ensure that they be subject to income tax. – (MENA Report).
© 2001 Mena Report (www.menareport.com)
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