At a ministerial meeting on Wednesday, Prime Minister Ahmed Nazif called for ‘maintaining’ the rights of workers employed by loss-making companies.
According to Cabinet Spokesman Magdi Rady, Nazif asked the ministers of manpower, investment and communication to keep assets of losing companies within their sectors and make sure they remained industrial in nature after they were restructured.
For his part, Investment Minister Mahmoud Mohi Eddin said that corporate liquidation procedures were "complicated" and could often take up to five years to finalize.
"Procedures should be in line with a new system called ‘preventive reconciliation,’ which makes the process easier on investors," Mohi Eddin said.
Translated from the Arabic Edition.
