A Communiqué Accuses CBE’s Officials Of Squandering Public Fund

Eng. Amr Ahmed Moussa- director general of information technology internal audit and payment systems in Central Bank of Egypt, Ashraf Reda, former director general of internal audit, filed yesterday a communiqué No. 208/2012 to  the Public funds Prosecution. The communiqué convicts current and former officials in the Central Bank of Egypt with squandering the public fund; almost EGP 50 million.

The communiqué included the European central bank’s memorandum of understanding (MOU)which to help Central Bank of Egypt in developing new bases and criteria for the ways of observing the banks by using measures of “risk management”, pursuant to Basel II Accord.

Under the memorandum of understanding, Central Bank of Egypt got 3 million Euros (EGP 25 millions), this to start the MOU from January 1, 2009 and lasts 3 years.

It also included grave financial and administrative irregularities in the comprehensive mechanization project in the new building of Central Bank of Egypt and the worse state of the information technology’s infrastructure and the payment systems of the bank.

The communiqué contains the study of the initial risks prepared by the internal audit sector which detects the danger state of the information technology and payment systems’ infrastructure through the absence of implementing the international criteria.