Egypt’s Parliament Refuses Arabian Cement Co. Settlement: Documents
Some members of parliament opposed the settlement of Arabian Cement Company about paying the value of the granted license which reached EGP 448 million. They will submit an urgent briefing request to open the company’s file again in order to regain the state’s rights from cement companies that achieve 400% monthly profits.
The MP depended on documents approve the refusal of the Industrial Development Authority for the conditions imposed by the company before the revolution. These conditions, after the revolution, approved by Essam Sharaf’s cabinet to result in squandering the public money for the businessman Mahmoud Al Gamal, Mubarak’s in-law, who possesses 5% of the company’s shares.
Documents, which “Amwal Al Ghad” got a copy, called on Egyptian Electric Holding Company not to deliver electricity to the second line of Arabian Cement Co. till it pays all the state’s dues. It also called on the board’s chairman of the Arabian Cement Co. to submit a certified cheque for the second line’s installment which reaches EGP 70.350 million. This is beside the interest dues, announced by the central bank of Egypt, and the unpaid installments.
The Industrial Development Authority said it had sent a letter to the National Bank of Egypt (NBE); informing it not to lend the company any additional sums. But the bank didn’t implement the instructions because of the businessman Mahmoud Al Gamal’s interference.
It’s known that the investments of the Arabian Cement Co. in the Egyptian market reach $566 million since it has started. It is the second largest Spanish company in terms of investments’ volume in Egypt.
Arabian Cement Co. contributes to Egypt’s GDP with 16%.
The company’s legal advisor, Dr Kareem Hafez, said conflict between the company and the Egyptian government started in 2006.
