Al-Ganzoury and Privatization
Prepared By: Heba Khalil
December 7, 2011
Research Unit
The Egyptian Center for Economic and Social Rights
At the time when the Supreme Military Council appointed Dr. Kamal Al-Ganzoury as Prime Minister of Egypt, and where the latter is attempting to form the new cabinet to begin his reign, the Administrative Court -Investment Circuit- issued on December 3rd 2011 a ruling against one of the most clear cases of corruption of privatization and ‘waste of public money/capital’, which is the case of selling and privatizing ” The Arab Company for Offshore Commerce”. Ninety percent of the company’s shares were sold in 1999- during the previous reign of Al-Ganzoury as head of cabinet, without a real profit value; even more, the buyer was offered a grant of EGP 11 582 000 in return for the purchase. Even though the value of this company is no less than EGP 400 million, it was sold for EGP 13 630 000 only, from which the buyer only paid 50% at the time the contract was signed, which is EGP 6 840 000 and the rest was to be paid over the course of a year. The rest of the payment was to be delivered by 4/8/2000, yet this has not been the case until the issuance of the ruling this month. In return to what the buyer paid, at the signing of the contract, he received the following:
- 90% of the company owned assets, and those leased to it, and the leasing of 10% of the remaining assets.
- EGP 1.3 million as the value of the share of the workers’ housing
- EGP 10 685 million equally distributed on three checks due from Abdel Wahab Qoutah owner of Port Said Company for Industry and Engineering, the value of each is EGP 3 561 953
- Additionally, the Company has not covered the debt which was the buyer’s responsibility, the debt amounts to EGP 6 437 000
By subtracting what the buyer paid from the total worth of what he received from assets and money, it comes apparent that he owns 90% of the Company’s shares for no real financial return and in addition, he was granted EGP 11 582 000.
The court ruling herein bears an important manifestation, at this specific time, of Al-Ganzoury’s real policies, away from his media campaigns through which he has excelled in marketing himself as a defender of the poor and a protector of the public money.
Al-Ganzoury was selected as one acceptable figure among the Egyptian public due to the popular conception that he exited the ministry due to his opposing positions to the Mubarak regime. However, he will not be faced only with this court ruling, but also with consecutive waves of activities which aim at disclosing the essence of the policies which he carried out during Mubarak’s regime, and from which the policies of his new cabinet are not expected to deviate nor differ much. Among those disclosing activities is the awaited court ruling about the privatization contract of the Nile Company for Cotton Ginning expected to be issued on December 17th, 2011, in addition to dozens of cases pursing to the remaining of the privatization contracts which were carried out during his reign like the privatization contracts of the Ideal Companies, TeliMisr, Bani Sueif Cement Company, and many others.
The current Prime Minister has previously occupied several governmental positions during the reign of Sadat, among which are the Governor of Beni Suief and El-Wadi El Gedid, Manager of the National Planning Center. Sadat’s successor, Mubarak, granted Al-Ganzoury the Ministry of Planning in 1982,which he also became in charge of as it took its new form as the Ministry of Planning and International Cooperation; the ministry was entrusted with linking and correlating the country’s interior economic planning to the agendas of the International Monetary Fund and the World Bank, the Paris Club and other donor and lender authorities. Al-Ganzoury retained this position even after he was appointed deputy prime minister, up until he was appointed as head of cabinet on the 4th of January 1996. Hence, Al-Ganzoury has not been far or distant from the ruling regime which the people revolted against along with its policies and tools of governance, and he did not come in order to form a government of “national salvation” or rescue, but rather to save the ruling regime to which he belonged and remained one of its key players in the sphere of political and social decision making over the past 20 years.
Al-Ganzoury’s first term in office as Prime Minister witnessed one of the highest waves of the privatization program of the public sector’s companies. The International Monetary Fund with which El Ganzoury was working as the minister of planning decided that the way for the developing the economy and passing out of the bottleneck is through cutting subsidies for the poor and getting rid of the state-owned companies through privatization, in order to encourage investment and to be freed from their burdens and losses. The result is clear: Al-Ganzoury is responsible for 30% of the sales on the agenda of the privatization program, which lasted from 1991 till 2009, during his first reign only.
With that, Al-Ganzoury’s reign in office as Prime Minster, even though shorter in time in comparison to the other prime minsters’ terms, is considered as one of the most vicious periods of liquidation and privatization and sale of full state owned companies, lands and productive assets. With a detailed analysis, we find out that during the period from 1996 to 1999, 115 public sector companies have been liquidated, privatized and sold in the following manner:
– The entire or the most of the shares of 38 companies were sold in the stock market for a return value of 6 billion and 50 million and 301 thousand Egyptian Pounds
– 14 companies were sold for 1 main investor for in return for 1billion, 975 million and 336 thousand Egyptian Pounds
– 50 % of the shares of 13 companies were sold for less than 1 billion 865million and 907thousand Egyptian Pounds
– 20 countries sold to the Union of Shareholder Workers for 504 million and 490thousand Egyptian Pounds
– 7 companies or complete production units were under long-term contracts.
– The same period witnessed the liquidation of about 16 more companies.
While looking at the total number of companies that were privatized since the beginning of the privatization program till its end in 2009, it becomes apparent that the reign of Al-Ganzoury makes up a substantial portion of the program. While the era of Ahmed Nazif has the lead in the program, El Ganzoury’s era comes second, followed by Atef Ebeid’s as the third and finally Ahmed Sedky’s reign as the lowest in rank, according to the number of companies privatized in each period.
Table (1) helps clarify the period, which each Prime Minster spent in office, and the number of public sector companies whose privatization he supervised, and the total monetary revenues resulting. In the total privatization program, which included 382 companies, Atef Sedqy’s ministry privatized 37 companies representing about 10% of the total of the privatization program starting in 1991, Al-Ganzoury privatized 115 companies amounting to 30% of the privatization total, during a period of less than 4 years spent as head of cabinet, Atef Ebeid sold 58 companies equivalent to 15%, and Nazeef’s share of the privatization’s program reached 172 companies presenting 45% of the total privatization program during 6 years as prime minister.
Table (1) monitors the proceeds of the privatization program from 1991 to 2009
| Prime Minister | Period | Total of Privatized Companies | Total Value of Sale(Billion EGP) |
| Atef Sedky | November 9, 1986- January 4, 1996 (total of 110 Months) |
37 | 2.262.0 |
| Kamal Al-Ganzoury | January 4, 1996- October 5, 1999 (total of 45 months) |
115 | 10.098.869 |
| Atef Ebeid | October 5, 1999- July 14, 2004(total of 57 months) | 58 | 5.493.131 |
| Ahmed Nazeef | July 14, 2004- January 29, 2011 (total of 78 months) | 172 | 39.499.0(Monitoring ends in July 2009) |
| Total | 382 Companies | EGP 57.353 Billion | |
Table (2) shows the total of companies privatized through selling all or the majority of their shares in the stock market, during Al-Ganzoury’s reign as Prime Minister. The shares of (38) companies have been sold in the stock market, as follows: Two (2) companies of the Holding Company for Trade, Eight (8) companies of the Holding Company for Food Industries, Two (2) companies for the Holding Company for Housing, Tourism and Cinema, Nine (9) companies for the Holding Company for Construction and Development, Five (5) companies for the Holding Company for Spinning and Weaving, Five (5) companies for the Holding Company for Chemical Industries, Four (4) companies for the Holding Company for Mineral Industries, One (1) company of the Holding Company for Maritime and Land Transport and Two (2) companies of the Holding Company for Engineering Industries.
Table (2) shows the total of companies privatized through selling all or the majority of their shares in the stock market (Al-Ganzoury’s reign)
| # | Name | % sold to Private Sector | % sold to Workers’ Union | % with Holding Company | Value of Sales (Million EGP) to Private Sector | Value of Sales (Million EGP) to Workers’ Union |
Date of Sale or Contract |
| Holding Company for Trade | |||||||
| 1 | Nubareya Engineering and Mechanization |
79.38 % |
20 % |
0.62 % |
21.431 |
5.517 |
14/5/97 |
| 2 | Al-Nasr for Drying Agricultural Crops |
90.00% |
10.00% |
0.00% |
21.1 |
2.5 |
11/8/97 |
| Holding Company For Food Industries | |||||||
| 3 | Derived Oils and Products |
42.53 % |
8.54 % |
48.93 % |
66.00 |
19.00 |
26/4/98 Date of approval of the General Assembly on the transition to dependence law159 of 81
|
| 4 | Egyptian Starch and Glucose |
51.03 % |
10% |
38.97 % |
55.40 |
12.2 |
18/6/96 |
| 5 | Central and West Delta Mills |
51 % |
10% |
39.00% |
153.10 |
24.0 |
30/6/96 |
| 6 | Misr Oils and Soap |
50.92 % |
10% |
39.08 % |
58.30 |
14.9 |
7/8/96 |
| 7 | Upper Egypt Flour Mills |
51 % |
10% |
39% |
142.9 |
22.4 |
4/11/96 |
| 8 | East Delta Flour Mills |
51 % |
10% |
39% |
95.0 |
14.9 |
18/11/96 |
| 9 | Egyptian Food: Bisco Misr |
45.69 % |
9.30 % |
45.01 % |
62.800 |
11.900 |
25/6/98 |
| 10 | Cairo Oils and Soup |
61 % |
0.00 % |
39.00% |
33.00 |
0.00 |
7/1998 Date of approval of the General Assembly on the transition to dependence law159 of 81 |
| Holding Company for Housing, Tourism and Cinema | |||||||
| 11 | Egypt’s Free Shops |
87.40 % |
10% |
2.60% |
121.50 |
11.2 |
2/2/97 |
| 12 | Construction and Engineering Consultancy |
88% |
10% |
0% |
96.3 |
8.1 |
30/4/97 |
| Holding Company for Construction and Development |
3.11% |
7% |
0 |
2.20 |
2.8 |
12/2/96 |
|
| 13 | United for Housing and Development |
3.11% |
7% |
0 |
2.20 |
2.8 |
12/2/96 |
| 14 | Madinet Nasr for Housing and Development |
64.94% |
10% |
25.06% |
168.839 |
20.800 |
13/5/96 |
| 15 | Cairo Housing and Development |
69.38% |
10% |
0 |
105.90 |
11.90 |
24/3/97 |
| 16 | Upper Egypt Housing and Development |
75.00% |
10% |
0 |
14.054 |
0.924 |
5/6/97 |
| 17 | Giza General Contracting |
70.00% |
10% |
20.00% |
29.768 |
3.402 |
15/9/97 |
| 18 | Industrial and Engineering Projects |
80% |
10% |
10% |
271.9 |
27.2 |
29/10/97 |
| 19 | Mahmudiya General Contracting |
69.75% |
10% |
20.25% |
48.822 |
5.600 |
17/1/98 |
| 20 | Al-Shams Housing and Development |
50.46% |
5% |
44.54% |
26.11 |
4.704 |
September 1996 |
| 21 | Al-Nasr for Civil Works |
70.67% |
10% |
19.33% |
93.988 |
10.640 |
24/5/98 |
| Holding Company for Spinning and Weaving | |||||||
| 22 | United Arab for Spinning and Weaving |
60.4% |
6.9% |
32.7% |
103.00 |
18.10 |
94/98 |
| 23 | Alexandria for Spinning and Weaving |
94.6% |
5.4% |
0 |
77.00 |
5.4 |
95/98 |
| 24 | Arab Company for Cotton Ginning |
90% |
10% |
– |
82.3 |
4.8 |
September 1996 |
| 25 | Nile Company for Cotton Ginning |
90% |
10% |
– |
274.8 |
20.0 |
January 1996 |
| 26 | El-Nasr Cloths and Textiles (Kabo) |
63% |
0% |
7% |
196.9 |
0.0 |
11/6/97 |
| Holding Company for Chemical Industries | |||||||
| 27 | Paints and Chemical Industries |
53.75% |
8% |
38.25% |
675.81 |
16.00 |
97-98 |
| 28 | Abu Qir Fertilizers |
2.80% |
0% |
0% |
20.00 |
0.00 |
May 1996 |
| 29 | Nile for Matches and Wooden Housing |
55.67% |
8.90% |
35.43% |
30.07 |
3.84 |
September 1996 |
| 30 | Kafr El-Zayat Pesticides |
70% |
5% |
– |
50.69 8.437 |
0.375 |
September 1996 |
| 31 | Paper for the Middle East (Simo) |
75% |
10% |
15% |
49.50 |
5.28 |
22/6/97 |
| Holding Company for Mineral industries | |||||||
| 32 | Amiriya Cement |
61% |
10% |
0% |
725.60 |
43.2 |
98-94 |
| 33 | Holwan Portland Cement |
47.20% |
5% |
0% |
516.00 661.20 |
25.0 |
9/11/95 3/12/96 |
| 34 | Egyptian Financial and Industrial |
64.70% |
10% |
25.30% |
62 |
8 |
26/5/96 |
| 35 | Nasr Castings |
0% |
32.50% |
0% |
0.00 |
47.5 |
12/97 |
| Holding Company for Maritime and Land Transport | |||||||
| 36 | United Arab for Shipping and Unloading |
29.50% |
21.95% |
49% |
3.60 |
13.00 |
16/5/98 |
| Holding Company for Engineering Industries | |||||||
| 37 | Electrical Cables |
95% |
5% |
0% |
310.0 |
10.8 |
97-95 |
| 38 | Telemisr |
90% |
10% |
0% |
54.3 |
4.8 |
3/99–9/96 |
Table (3) shows the total of companies that were sold to main investors in the era of Al-Ganzoury. A total of (14) companies have been sold as follows: Four (4) companies of the Holding Company for Trade, one (1) company of the Holding Company for Food Industries, two (2) companies of the Holding Company for Housing, Tourism and Cinema, one (1) company of the Holding Company for Construction and Development, one (1) company of the Holding Company for Spinning and Weaving, two (2) companies of the Holding Company for Chemical Industries, one (1) company of the Holding Company for Engineering Industries, and two (2) companies of the Holding Company for Electrical Industries.
Table (3) shows the total of companies privatized by being sold to a main investor (Al-Ganzoury’s reign)
| # | Name | % sold to Private Sector | % sold to Workers’ Union | % with Holding Company | Value of Sales (Million EGP) to Private Sector | Value of Sales (Million EGP) to Workers’ Union |
Date of Sale or Contract |
| Holding Company for Trade | |||||||
| 1 | El-Wady Crops’ Exportation |
68% |
27% |
5% |
86.78 |
35.214 |
18/12/98 |
| 2 | Nubareyya Seed Production- Nubaseed |
100% |
0% |
0% |
103.25 |
0 |
20/4/99 |
| 3 | Arab for Foreign Trade |
90% |
10% |
0% |
13.7 |
1.2 |
4/8/99 |
| 4 | Ramsis Agriculture | Sold the entire territory of the company for the Egyptian Awqaf Authority, and liquidation procedures of the company after the handover of land | 161.153 | 10/1998 Date of Approval of General Assembly of transition 1/2000 |
|||
| Holding Company for Food Industries | |||||||
| 5 | Kaha for Preserved Foods |
90% |
10% |
0% |
144 |
10.2 |
8/98 |
| Holding Company for Housing, Tourism and Cinema | |||||||
| 6 | Ahram beverages |
90% |
10% |
0% |
274 |
24.1 |
13/11/96 |
| 7 | Ganakli beverages- Egyptian Al-Kroum |
100% |
0% |
0% |
32.156 |
0 |
4/3/99 |
| Holding Company for Construction and Development | |||||||
| 8 | Al-Nasr Facilities and Installations |
90% 10% |
0% |
0% |
40 |
0 |
10/11/96 4/8/99 |
| Holding Company for Spinning and Weaving | |||||||
| 9 | Modern Textiles- Bolevara |
– |
– |
– |
32.8 |
0 |
30/6/97 |
| Holding Company for Chemical Industries | |||||||
| 10 | Beni Suef Cement |
76% |
5% |
0% |
405 |
21 |
5/7/99 |
| 11 | Delta Sand Bricks |
90% |
10% |
0% |
57 |
5 |
5/7/99 |
| Holding Company for Engineering Industries | |||||||
| 12 | Ideal |
90% |
10% |
0% |
285.9 |
25.2 |
December 1997 |
| Holding Company for Electrical Industries | |||||||
| 13 | Al-Nasr Manufacture of Electrical Transformers- Mako |
90% |
0% |
10% |
114.843 |
0 |
25/2/96 |
| 14 | Misr Mechanical and Electrical Projects- Kahromica |
61% |
10% |
29% |
90.89 |
11.92 |
19/6/97 26/8/97 |
Table (4) shows the total of companies privatized by being sold to the Union of Shareholder Workers during Al-Ganzoury’s years. Twenty (20) companies have been as follows: Two (2) companies of the Holding Company for Trade, Seven (7) companies of the Holding Company for Food Industries and Eleven (11) companies of the Holding Company for Maritime and Land Transport.
Table (4) shows the total of companies sold to the Union of Shareholder Workers in Al-Ganzoury’s years.oldi
| # | Name | % sold to Private Sector | % sold to Workers’ Union | % with Holding Company | Value of Sales (Million EGP) to Private Sector | Value of Sales (Million EGP) to Workers’ Union |
Date of Sale or Contract |
| Holding Company for Trade | |||||||
| 1 | San-Alhagar Agriculture | 0.00% | 95% | 5.00% | 0.000 | 18 | 1/3/99 |
| 2 | Egyptian Irrigation and Drainage | 60.00% | 30% | 10.00% | 3.196 | 1.982 | January – 99 |
| Holding Company for Food Industries | |||||||
| 3 | Mills of Damietta Belqas | 0.1% | 90% | 9.9% | 0.005 | 48.557 | 1/1/98 |
| 4 | Mills of Al-Sharqeyya | 0.1% | 90% | 9.9% | 0.007 | 38.691 | 1/7/98 |
| 5 | Mills of Kafr Sl-Sheikh | 0.1% | 90% | 9.9% | 0.005 | 12.983 | 27/7/98 |
| 6 | Mills of Rasheed | 0.1% | 90% | 9.9% | 0.005 | 11.498 | 26/9/98 |
| 7 | Mills of Al-Behera | 0.1% | 90% | 9.9% | 0.010 | 21.780 | 26/9/98 |
| 8 | Mills of Dakahleyya | 0.1% | 90% | 9.9% | 0.020 | 36.713 | 3/10/98 |
| 9 | Mills of Alexandria | 0.1% | 90% | 9.9% | 0.010 | 26.775 | 10/10/98 |
| Holding Company for Maritime and Land Transport | |||||||
| 10 | Nile Heavy Transport | – | 95% | 5% | 0.000 | 27.200 | 15/11/97 |
| 11 | Nile Transport of Goods | – | 95% | 5% | 0.000 | 24.100 | 15/11/97 |
| 12 | Nile Land Transport | – | 95% | 5% | 0.000 | 27.300 | 15/11/97 |
| 13 | Supplies and Marine Works | – | 51% | 49% | 0.000 | 16.400 | 19/10/98 |
| 14 | Amoun Shipping Agencies | 44% | 44% | 5% | 13.200 | 12.700 | 4/11/98 |
| 15 | Abu Simbel Shipping Agencies | 44% | 44% | 5% | 13.200 | 12.800 | 4/11/9830/1/99 |
| 16 | Memphis Shipping Agencies | 44% | 44% | 5% | 22.000 | 21.300 | 4/11/9830/1/99 |
| 17 | Mary-Trans | 44% | 51% | 5% | 20.200 | 22.500 | 10/11/98 |
| 18 | Transport Works | 0.13% | 95% | 4.87% | 0.016 | 11.779 | 1/7/99 |
| 19 | Direct Transport | 0.08% | 95% | 4.92% | 0.015 | 17.698 | 1/7/99 |
| 20 | Suez Shipping and Unloading | 0.1875% | 61.875% | 6.6875% | 0.015 | 21.830 |
10/99 |
Table (5) shows the total of privatized companies, with less than 50% of their shares sold in the stock market. Thirteen (13) companies were sold as follows: Five (5) companies of the Holding Company for Medical Industries, four (4) companies of the Holding Company for Food Industries, two (2) companies of the Holding Company for Construction and Development, one (1) company of the Holding Company for Chemical Industries, and one (1) company of the Holding Company for Mineral Industries.
Table (5) shows the total of privatized companies, with less than 50% of their shares sold in the stock market in Al-Ganzoury’s years.
| # | Name | % sold to Private Sector | % sold to Workers’ Union | % with Holding Company | Value of Sales (Million EGP) to Private Sector | Value of Sales (Million EGP) to Workers’ Union |
Date of Sale or Contract |
| Holding Company for Medical Industries | |||||||
| 1 | Alexandria Pharmaceuticals and Industries | 30% | 10% | 60% | 41.8 | 9.9 | 95-96 |
| 2 | Memphis Pharmaceuticals | 30% | 10% | 60% | 37.5 | 10 | September 96 |
| 3 | AlArabeya Pharmaceuticals | 30% | 10% | 60% | 14.4 | 3.8 | September 96 |
| 4 | AlQahera Pharmaceuticals | 30% | 10% | 60% | 48.9 | 13 | November 96 |
| 5 | Nil Pharmaceuticals | 23.30% | 10.00% | 66.70% | 42.49 | 12.15 | 95-98 |
| Holding Company for Food Industries | |||||||
| 6 | 30.07% | 10.00% | 59.93% | 19 | 13.3 | 10/4/96 | |
| 7 | 30.00% | 10.00% | 60.00% | 23.6 | 6.2 | 26/5/96 | |
| 8 | 30.00% | 10.00% | 60.00% | 117 | 31.2 | 28/10/96 | |
| 9 | 30.00% | 10.00% | 60.00% | 98.7 | 26.4 | 29/6/97 | |
| Holding Company for Construction and Development | |||||||
| 10 | Misr El-Gedeeda Housing and Development | 7.14% | – | – | – | – | 14/12/96 |
| 11 | Egyptian Contracting | 3.45% | 10.00% | 86.55% | 22.767 | 52.8 | 24/6/98 |
| Holding Company for Chemical Industries | |||||||
| 12 | Shraqeyya Tobacco |
6/3/97
|
|||||
| Holding Company for Mineral Industries | |||||||
| 13 | Misr Aluminum | 8% | 0% | 92% | 221 | 0 | 97 |
Table (6) shows the Production assets sold during the years of Al-Ganzoury.
| # | Sold Assets | Value of Sale in Million EGP | Date of Sale or Contract |
| 1 | Sheraton Cairo (Ejot) | 350 | 14/11/96 |
| 2 | Tower Hotel (Egyptian Hotels) | 6 | 6/11/97 |
| 3 | Land and Buildings of San Stefano Hotel (Egyptian Hotels) | 270.80 | 27/8/98 |
| 4 | Distilled Beverages (Egyptian Crome) | 26.04 | 8/10/98 |
| 5 | Saclam Factory | 19.5 | August 98 |
| 6 | Plastic Qabbary Factory- Civil Plastic Company | 2.525 | 22/6/99 |
| 7 | Core Alten factory- Delta Steel | 28 | August – 99 |
Table (7) shows the companies and production assets rented during the years of Al-Ganzoury.
| Company of which Assets sold | Production Assets sold | Paper Value of Asset | Date of Contract | Duration of Rent Contract | Value of Annual Rents | CCo Comments |
| General Egyptian for Tourism and Hotels- Egoth | -Tut Floating Hotel -Aton Floating Hotel |
– |
3/5/1999 | 5 years | 1 Million EGP | Obligation to renew both hotels |
| Industrial Shops for Silk and Cotton- Wasco | New Spinning Factory- Mustard Qalyubeyya |
– |
1/7/1999 | 10 years | 750 thousand USD + 3% of cloths sales | Rent calculated on the basis of committee opinion that estimated the cost of capital invested in the assets at about 40.8 Million EGP |
| Sharqeyya Spinning and Weaving | Minya ALqamh for Spinning | 44.73 Million EGP | 1/7/1999 | 5 years | 9 Million EGP | All factory workers, 1552 workers, operating |
| Qahera for Dyeing and Finishing | Thread Dyeing Factory | 0.117 Million EGP | September 1999 | 5 years | 0.336 Million EGP | 60 workers operating |
| Egypt for Distribution and Cinemas | Group A: Miami in Cairo – Middle Cairo – Alexandria Radio – Horeyya of Alexandria – Egypt Port Said | 5.424 Million EGP | 20/3/1999 | 20 years | 2.2 Million EGP | 67 Millions will be invested for investment and renovation |
| Group II: Beagal in Cairo – Roxy Cairo – Rio winter in Alexandria -Summer Rio in Alexandria – Opera in Sohag | 4.776 Million EGP | 20/3/1999 | 20 years | 2.6 Million EGP | 47.5 Millions will be invested for replacement and renovation | |
| Group III: Diana in Cairo – Normandy winter in Cairo – AlexandriaFerial – National Damanhur – Rashid Rashid | 5.686 Million EGP | 20/3/1999 | 20 years | 2.5 Million EGP | 46 Millions will be invested for replacement and renovation |
Table (8) shows companies liquidated in the era of Ganzoury and the date of their Liquidation. A total of (16) companies were subject to liquidation as follows: one (1) company liquidated in 1996, three (3) companies in 1997, six (6) companies in 1998, and six (6) companies liquidated in 1999.
Table (8) shows companies liquidated in the era of Ganzoury and the date of their Liquidation
| Name of Liquidator | Date of Liquidation Decision | Name of Subsidiary |
| Accountant/ Mustafa Ahmed Nour |
18/3/96 |
High Dam for Civil Works |
| Accountant/ Badreldin Mahmoud Al-Dakar |
26/8/97 |
Qanaltex Flooring |
| Engineer/ Saad Salem Saad |
5/11/97 |
Prefabricated Housing |
| Accountant/ Mohamed Rashad Alghareeb |
1997 |
General Company for batteries |
| Engineer/ Wageeh Abdelaziz Rady |
1/7/98 |
Cairo for Silk Textiles |
| Engineer/ Yosry Mohamed Yosry |
13/7/98 |
Installations and Industrial Services |
| Accountant/ Ali Hassan Wali |
15/9/98 |
Graphite and Stationary |
| Chemist/ Mohamed Samir Shelqamy |
28/9/98 |
General Mineral Resources |
| Engineer/ Abdelbary Mohamed Abdelbary |
17/10/98 |
Marioot Agriculture |
| Chemist/ Hosny Ahmed Saad Mowafy |
25/11/98 |
Egyptian Leather Industry- Standard Tanneries |
| Accountant/ Fekry Mohamed Abd Fehsarah |
6/2/99 |
Sandstone Bricks |
| Engineer/ Hamed Ibrahim Hassan Abughalib |
11/9/99 |
General Egyptian Agricultural |
| Engineer/ Essam Eldin Mohamed Ibrahim Zard |
11/9/99 |
General Production and Agricultural Services |
| Engineer/ Fardous Abbas Ahmed Badran |
23/9/99 |
Egyptian Meat and Dairy Production |
| Engineer/ Mohamed Burhan Eldin Youssef |
25/9/99 |
Northern Tahrir Agriculture |
| Mr/ Tharwat Abdallah Shaker |
14/10/99 |
Egyptian Jbact, Quarries and Marble- Jemko |
Table (9) shows the totals of the Privatization program throughout the fiscal years, since its launch and until 2009.
| Fiscal Year | Total Number of Privatization Operations | Value of Sale in Million EGP |
| 1991 – 1994 | 11 | 418 |
| 1994 – 1995 | 14 | 867 |
| 1995 – 1996 | 12 | 977 |
| 1996 – 1997 | 29 | 4595 |
| 1997 – 1998 | 23 | 2487 |
| 1998 – 1999 | 33 | 1824 |
| 1999 – 2000 | 40 | 4708 |
| 2000 – 2001 | 18 | 370 |
| 2001 – 2002 | 10 | 952 |
| 2002- 2003 | 7 | 113 |
| 2003 – 2004 | 13 | 543 |
| 2004 – 2005 | 28 | 5643 |
| 2005 – 2006 | 65 | 14612 |
| 2006 – 2007 | 53 | 13607 |
| 2007 – 2008 | 22 | 3984 |
| 2008- 2009 | 4 | 1653 |
| Total until June 2009 | 382 | 57353
|
The Egyptian Center for Economic and Social Rights in presenting this report to the public of Egypt and the political and social activists stresses that the center would not hesitate to take all legal measures to uncover the corruption that hit the privatization process and to ensure the prosecution of its perpetrators; The center will also take all legal measures to expose the policies of impoverishment of the Egyptian people, who did not win form these policies but the dismantling of the structure of industry Egyptian, and the laying off of workers through early retirement and the associated misbalance of the Pension funds, which made sole beneficiaries out of its subscribers, without any regard for the actuarial studies on which basis the pension funds have been created.
The Egyptian Center for Economic and Social Rights
December 7, 2011
