14 October 2012

Egypt: Government Tries to Save Land Reclamation Companies

Prime Minister Dr. Hisham Qandil decided restructuring land reclamation companies which include the contribution of the lake, Kom Ombo Arabia and Regoo of the Holding Company for land reclamation, based on the note made by the accountant Abd-Salam Khawlani General Coordinator of the companies.

Include critical solutions to the crisis of companies whose liabilities exceeded LE3.7bn and now are unable to pay the salaries of its employees and that up to LE15mn per month, which threatens stability for about 19 thousand workers.

The Ministry of Agriculture and Land Reclamation has developed a decisive action to correct the course of corporate restructuring is to ratify the Council of Ministers on the pay of workers in the first place as a requirement urgently in order to preserve social peace and control of any protests storm of workers, with the ratification of the exemption subsidiaries of the holding company of the benefits of debt and defer principal repayments of debt to banks and Social Security taxes for a period of 5 years with scheduling while corporate restructuring and transition to profitability.

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