Around 600 workers at the Egyptian Navigation Company suspended their sit-in strike after management promised to pay overdue salaries and bonuses to 1500 employees. The workers were protesting the National Navigation Company’s alleged acquisition of 90 percent of the Egyptian Navigation Company’s assets, saying National Navigation refused to support Egyptian Navigation by investing in it, or by providing it with the necessary liquidity to further develop its activities. This left Egyptian Navigation bankrupt and unable to pay its employees’ salaries.
Meanwhile, Ibrahim Marea, the head of the local union committee of the Egyptian Navigation Company, condemned National Navigation, saying it rejected all the solutions proposed by the Egyptian Navigation Company’s board of directors. The solutions were offered to help the company out of its current financial situation, Marea said.
Ismail Ragab, deputy head of the local union committee, who represents the workers at the Egyptian Navigation Company’s board of directors, accused the National Navigation Company of seizing the headquarters of Egyptian Navigation for LE750,000 when its real value was closer to LE20 million.
Ragab added that National Navigation is trying to drive Egyptian Navigation out of business by offering employees early retirement, and thus allowing it it seize the remaining assets.
Translated from the Arabic Edition.
