MP Al Fakharani: “No reconciliation” with “Privatization Investors”

MP Hamdi Al Fakharani, head of the privatization companies’ defense, called on Dr Saad Al Katatni- PA’s chairman- to cancel law no.4\2012; concerns the reconciliation with foreign investors in privatization companies’ cases.

In his demand which presented to the council last week, he said that this law will let the state lose about $800 million; this after the investors had violated the contract of sale items, in addition, not operating the companies according to their treaties with the government.

The list of the companies, which the administrative court had annulled their contracts with investors and returned them to the state, includes; Tanta Flax and Oil Co. of the Saudi investor Abdallah Al-Kahky, Shebin el Kom Spinning Co. of the Indian investor who owns “Indorma” Group, Al Nasr for Steam Boilers of the investor Samih Sawiris and Omar Affendi of the Saudi investor Gamil Al Kanbetey.