1st of February, 2014
Administrative Court Upholds Privatization of Beni Suef Cement Company
Keywords: Infrastructure & Projects, Commercial
The seventh circuit of the Cairo administrative court has upheld on Saturday the privatization of Beni Suef Cement Company (BSCC). However, the court also ordered the reinstatement of all employees who opted into an early retirement program adopted by BSCC after its privatization.
A suit had been filed by the employees before the administrative court requesting the nullification of the privatization contract and all the effects resulting therefrom, including subsequent sales of its shares, as well as the reinstatement of all employees who left the company thereafter.
This verdict comes in contrast to a string of verdicts by administrative courts striking down privatizations of several former public sector companies since 2011, the first of which was the de-privatization of department stores company Omar Effendi in May 2011. We will be offering in the upcoming issues a more in-depth analysis on the verdict and the shift in the court’s stance on privatization.
A suit had been filed by the employees before the administrative court requesting the nullification of the privatization contract and all the effects resulting therefrom, including subsequent sales of its shares, as well as the reinstatement of all employees who left the company thereafter.
This verdict comes in contrast to a string of verdicts by administrative courts striking down privatizations of several former public sector companies since 2011, the first of which was the de-privatization of department stores company Omar Effendi in May 2011. We will be offering in the upcoming issues a more in-depth analysis on the verdict and the shift in the court’s stance on privatization.
Administrative Court Upholds Privatization of Beni Suef Cement Company
1 February, 2014
Keywords: Infrastructure & Projects, Commercial
The seventh circuit of the Cairo administrative court has upheld on Saturday the privatization of Beni Suef Cement Company (BSCC). However, the court also ordered the reinstatement of all employees who opted into an early retirement program adopted by BSCC after its privatization.
A suit had been filed by the employees before the administrative court requesting the nullification of the privatization contract and all the effects resulting therefrom, including subsequent sales of its shares, as well as the reinstatement of all employees who left the company thereafter.
This verdict comes in contrast to a string of verdicts by administrative courts striking down privatizations of several former public sector companies since 2011, the first of which was the de-privatization of department stores company Omar Effendi in May 2011. We will be offering in the upcoming issues a more in-depth analysis on the verdict and the shift in the court’s stance on privatization.
A suit had been filed by the employees before the administrative court requesting the nullification of the privatization contract and all the effects resulting therefrom, including subsequent sales of its shares, as well as the reinstatement of all employees who left the company thereafter.
This verdict comes in contrast to a string of verdicts by administrative courts striking down privatizations of several former public sector companies since 2011, the first of which was the de-privatization of department stores company Omar Effendi in May 2011. We will be offering in the upcoming issues a more in-depth analysis on the verdict and the shift in the court’s stance on privatization.
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