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Sunday, 3 June 2018

Prosecutors charge GASC vice chairman with financial, administrative improprieties

In other news of interest to commodities players: Prosecutors have charged GASC’s vice chairman with alleged financial and administrative improprieties. The Administrative Prosecution Authority has brought charges of alleged financial and administrative wrongdoing against General Authority for Supply Commodities (GASC) Vice Chairman Ahmed Youssef, Reuters reported. A document from the APA “details charges including the alleged unauthorised payment of bonuses, receiving money ‘against the regulations’, and allowing a financial controller to attend tenders without the necessary government approval.” A case had been submitted against Youssef at the Council of State earlier this year after being questioned last year as part of an investigation that began in 2016, according to the APA’s spokesman. The Administrative Control Authority had arrested last week Food Industries Holding Company head Alaa Fahmy and three Supply Ministry officials for allegedly taking EGP 2 mn in bribes from an unnamed commodities firm in return for issuing direct supply orders and facilitating payments. GASC is the world’s largest wheat buyer.

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