Egypt’s 150 public sector companies are suffering from a lack of clear leadership at the ministerial level, according to senior figures at several state-owned holding companies. The companies are facing a number of serious issues that require immediate attention, but the lack of any qualified minister or official in Ganzouri’s cabinet means the issues are unlikely to be tackled in an effective way.
Mamdouh Othman, head of legal affairs for the Holding Company for Spinning and Weaving, said the company’s subsidiaries are facing problems regarding the employees’ monthly salaries.
.
Meanwhile, Rear Admiral Mohamed Youssef, head of the Sea and Land Transport Holding Company, said that plans to restructure certain affiliated companies have been halted. He went on to say that his company has some solutions to address the problems faced by affiliated companies, but that they need authoritative decisions at a higher level.
Meanwhile, Rear Admiral Mohamed Youssef, head of the Sea and Land Transport Holding Company, said that plans to restructure certain affiliated companies have been halted. He went on to say that his company has some solutions to address the problems faced by affiliated companies, but that they need authoritative decisions at a higher level.
In related news, Safwan al-Selmy, vice president of the National Company for Construction, said no new funds would be pumped into Omar Effendi after the Egyptian State Council’s Administrative Court recently annulled the government’s 2006 sale of the company to Saudi-based Anwal Group. He pointed out that they were anticipating the outcome after Saudi investor Jameel al-Qanbeet appealed the decision.
Selmy added they were currently paying staff salaries, as well as electricity and water bills after taking back over 40 branches.
This comes at a time of continued speculation about nominations from within the holding companies for the role of commissioner-general in charge of the public sector.
Official sources said that among those nominated for the position are the head of the Sea and Land Transport Holding Company, Mohamed Youssef, the head of al-Qawmiyya Construction Company, Ahmed al-Sayed, and head of the Chemical Holding Company, Adel al-Mozy.
Translated from Al-Masry Al-Youm
