The administrative prosecution services have begun investigating a report accusing EgyptAir's managerial board of squandering company funds.
The report, filed by the CEO of the Egyptian Holding Company for Airports and Air Navigation, said EgyptAir directly commissioned Fujitsu, an IT solutions company, to install video communication and monitoring systems in 2009, in violation of the company's financial regulations and in defiance of the its rejection of the deal. The report said the deal was worth LE13,495, a price described as inordinate.
The imported systems were eventually discarded for being below standard, according to the report.
The report said that another company had been directly hired in 11 March, 2010, to design and install a optical fibers network extending from Red Sea's Zaafarana to the north coast, again in violation of company regulations. It revealed that the firm commissioned for the job did not introduce an offer in the first place, and operates in a field different from that required, so lacked sufficient experience for the job. The report added that the firm was not required by EgyptAir officials to provide a guarantee letter, costing the airliner losses of LE2,538,335.
Translated from the Arabic Edition.
