Head of Egypt’s bourse rejects accusations of corruption

Published June 5th, 2001 - 02:00 GMT

Head of the Cairo and Alexandria bourses, Sameh Turgaman, asserted that wages of bourse employees are based on official labor rules and regulation lists, reports the London based Al-Hayat daily. In saying so, Turgaman rejected accusations of corruption and violations as far as the employees’ wages were concerned.  

 

Responding to a parliament member’s inquiries, he said that all operations of the Cairo and Alexandria bourses are free of corruption and are believed to be open and legal. 

 

Employees sitting on the bourse’s board of directors were elected in 1997 following a revival of the exchange after many years of dormancy. The same board of directors governs both the Cairo and Alexandria exchanges. The revival came as a result of the restructuring and economic reform programs implemented in Egypt in the 1990’s. –(MENA Report) 

© 2001 Mena Report (www.menareport.com)


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