Assets of Egypt’s Money Investment Companies to be Sold
The Egyptian Business Minister, Mukhtar Khattab announced that the sale of the money investment companies assets will start this week. The public sector corporations privatization approach will be applied to the case, he said in a statement to the press.
Khattab added that the proceeds from the sales would be deposited in the Egyptian central bank in favor of the investors who will receive their dues under the supervision of the state prosecutor general. He pointed out that his ministry is concerned only with the management and sale of the assets.
The money investment companies mushroomed in Egypt in the 1980's and attracted a large percentage of small investors. These companies ended up with huge losses that made the Egyptian government sequester their assets in an attempt to return the money to the investors.
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