Dozens of Shebeen al-Kom Spinning and Weaving Company workers on Wednesday cut-off Qasr al-Aini street in downtown Cairo to demand the government implement a court order returning the privatized company to the state.
In September, the Administrative Judicial Court ordered the re-nationalization of three companies. They had been sold to Egyptian and foreign investors at prices that were less than their value.
The three companies are El-Nasr Boilers and Pressure Vessels Manufacturing, sold in 1994; Tanta Flax and Oil, sold in 2005; and Misr Shebeen al-Kom Spinning and Weaving, sold in 2006.
Since the decision was issued, the government stumbled between its announcement that it would honor the court ruling and provide the necessary funding to recover the companies, and declaring it lacks the liquidity or resources with which to reimburse the companies' owners.
On Saturday, Finance Minister Hazem al-Beblawy said the Egyptian government was considering an appeal of the court order due to difficulties in returning the companies to the state.
The workers began the protest on Wednesday outside the cabinet building, but central security forces dispersed it, clashing with the protesters who moved back to Qasr al-Aini Street and blocking the flow of traffic.
Beblawy told Al-Masry Al-Youm on Saturday that the government was considering the appeal – to be filed at the Supreme Administrative Court – for a number of reasons, including the fact that some investors have become apprehensive of the investment climate in Egypt.
Translated from the Arabic Edition
