Tanta Flax and Oil Company

The Tanta Flax and Oil Company is based in Egypt. Founded in 1954,[1] it was owned by the Government of Egypt until sold to a private interest in 2005 at below market-price.[2] Protests and legal actions have occurred to reverse the sale.[3][4] In September 2011, a legal action to reverse the sale succeeded but failed to be implemented by the Egyptian Government during the tumultuous political environment of the Egyptian Revolution of 2011 and 2012–13 Egyptian protests.[5] Failure to execute a court order to re-nationalize the company led to an Egyptian appeals court to endorse a verdict on 3 July 2013, the same day of the 2013 Egyptian coup d'état, to dismiss Prime Minister Hesham Qandil of his duties and sentenced him to one year in prison.[6] In late September 2013, the Cairo Misdemeanor Court endorsed the sentence against Qandil and he was arrested on 24 December 2013.[7][8] On 13 July 2014, the Court of Cassation accepted Qandil's appeal and abolished the verdict to imprison him for a year, to remove him from his job and to fine him 2,000 Egyptian pounds ($285).[9][10] He was subsequently released on 15 July 2014.[11]

References

  1. ↑ "Company Overview of Tanta Flax & Oil Company". Bloomberg Businessweek. 19 September 2013. Retrieved 19 September 2013.
  2. ↑ "Report: Egypt, Saudi Arabia agree to keep kingdom's investments intact". Egypt Independent. 29 March 2012. Retrieved 19 September 2013.
  3. ↑ "Profile: Egypt's new PM Hisham Kandil". Egypt Independent. 12 November 2011. Retrieved 19 September 2013.
  4. ↑ "Owners act in Egypt privatisation dispute". Financial Times. 7 March 2012. Retrieved 19 September 2013.
  5. ↑ "Qandil acquitted in privatization case". Egypt Independent. 10 April 2013. Retrieved 19 September 2013.
  6. ↑ "Court upholds verdict sacking Morsi's PM Qandil, sentencing him to prison". Ahram Online. 3 July 2013. Retrieved 24 December 2013.
  7. ↑ "Cairo court upholds ruling against ex-PM Hesham Qandil". Ahram Online. 30 September 2013. Retrieved 24 December 2013.
  8. ↑ "Egypt police arrest Morsi-era PM Hisham Qandil". Ahram Online. 24 December 2013. Retrieved 24 December 2013.
  9. ↑ "Qandil: Egypt faces difficult challenges and needs justice". Middle East Monitor. 16 July 2014.
  10. ↑ "Egypt court annuls imprisonment of ex-PM Hisham Qandil". Ahram Online. 13 July 2014.
  11. ↑ "Morsi's PM Hisham Qandil released". Ahram Online. 15 July 2014.
This article is issued from Wikipedia - version of the 10/30/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.