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Egypt industrial authority head suspended after raising own salary IDA chief is under investigation for administrative and financial violations, including hiking his own monthly pay to LE70,000 (US$11,600)
Egypt's Minister of Industry and Trade, Mahmoud Issa, has suspended the executive head of the Industrial Modernisation Centre (IMC) on suspicion of violating administrative and financial rules. The minister stated on Tuesday that the newly appointed IMC head, Hany El-Ghazaly, is under investigation for irregularities in the running of the centre and for raisinghis monthly salary to LE70,000 (US$11,600). El-Ghazaly was appointed in March after his predecessor Nagy El-Fayoumy was also accused of violations during his tenure. The suspension is the latest in a series of moves by Egyptian authorities to curb salaries. Last month, Mahmoud Issa set a maximum salary for employees in organisations dependent on his ministry. This was the first attempt to impose a salary cap on senior officials, a move the government plans to apply across the public sector at the beginning of 2012. Issa wants to start with the Industrial Modernisation Centre (IMC), which has been accused of persistent corruption and injustice when it comes to wage distribution. The minister has asked CMI administration to submit a list of people receiving salaries of more than LE20,000 per month. Similar moves were taken in Egypt's stock exchange authorities earlier in November, when salaries of the Bourse's top executives were cut in a reflection of the deterioration in revenues and trading volume over the last few months. The cuts include the salaries of the Bourse's chairman, his deputy, consultants and upper managers, Al-Ahram daily newspaper reported. Reductions ranged from 20 to 40 per cent for consultants and from 15 and 25 per cent for managers.
