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Court suspends privatization contract of Shebin Textiles
23 Sep '11
1 min read
An Administrative Court in Egypt has suspended the privatization contract of Indorama Shebin Textiles, previously Misr Shebin El Kom Spinning and Weaving Company.
The court decision implies the company will return to public sector, restoring the rights of its employees. The company was also cleared of all mortgages and debts resulting from the privatization by the erstwhile Hosni Mubarak regime.
The court order came in response to a lawsuit filed by the Egyptian Centre for Economic and Social Rights (ECESR), which said the company was sold for LE 174 million, much less than its estimated value of LE 600 millions.
The same court order restores Egypt's two other companies, including Tanta for Linen, as public sector companies.
The court decision implies the company will return to public sector, restoring the rights of its employees. The company was also cleared of all mortgages and debts resulting from the privatization by the erstwhile Hosni Mubarak regime.
The court order came in response to a lawsuit filed by the Egyptian Centre for Economic and Social Rights (ECESR), which said the company was sold for LE 174 million, much less than its estimated value of LE 600 millions.
The same court order restores Egypt's two other companies, including Tanta for Linen, as public sector companies.
Fibre2fashion News Desk - India
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