Manchester United's Solskjaer concedes City have set a new standard    Guardiola amazed by Manchester City's response to European exit    Manchester City's Fernandinho facing knee injury scan    Egyptians binging on holiday    Delivering results    Partial sale of Banque du Caire    Understanding Sudan    It's not the end until it's the end    After the Sri Lanka bombings    The return of the vice president    Expat voices heard    In pursuit of stability    Sliced twice    Egyptian triple    Staged in Cairo    Steel troubles    Primary healthcare for all    Avengers: Endgame    Celebrating World Heritage    Don't miss "The Sum of All Parts" exhibition at UBUNTU gallery    "The Golden Era: Egypt in the World Cup" photography show at AUC is a must go    Egypt's constitutional amendments approved: What's next?    Egypt's state employees to be assessed ahead of transfer to New Administrative Capital    Centamin reports better-than-expected Q1 gold output    Egypt to set up 4 medical centers in Africa: Minister    Republished: Good morning, Sinai: A look at the headlines when Israel withdrew in 1982    AU countries asks to extend transitional period in Sudan to 3 months    Upper Egypt pipelines receive 7.5m tonnes of fuel annually: PPC    Egyptian voters back constitutional amendments    Nasr asserts EGX role in helping companies grow    Petroleum Ministry establishes $2.3bn oil refining projects in Assiut    Thousands of Moroccans demand release of 42 Hirak Rif activists    Security, confronting terrorism are common challenges facing Egypt, African continent: Ramdan Orny    Figurative Encounters: Exhibition Haphazardly Crosses Space, Time    Ministry of Culture mourns Bachir El-Sebaie    Russia eases citizenship rules in east Ukraine    Sri Lankan president asks police chief, defence minister to quit following attacks    Sisi thanks Egyptians for their 'dazzling' participation in constitutional referendum    Elders, campaigners dominate scene in Kerdasa polling stations    250 archaeological missions from 25 countries work in Egypt: Minister    Spring Affair Returns for Second Season of Shopping, Charity    Tod's bring back Alber Elbaz to Fashion Scene    Bundesliga: Bayern Munich turn the screw in a reminder of champions past    The main differences between Catholics and Protestants    Karlovy Vary to honour cinematographer Vladmir Smutny    Trade exchange between Egypt, Tunisia to increase to $500m    Cairo Copts celebrate Palm Sunday    Vatican willing to offer technical know-how to help restore Notre-Dame    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Government seizes Seoudi supermarkets, among other Muslim Brotherhood assets
Published in Daily News Egypt on 15 - 06 - 2014

By Abdel Qadar Ramadan and Abdel Razek Al-Shuwekhi
Police forces Sunday raided the Seoudi supermarkets chain, owned by Muslim Brotherhood-affiliated Abderlrahman Al-Seoudi, closing its branches.
Supermarket chain Zad, owned by the Muslim Brotherhood's deputy leader Khairat El-Shater, was also targeted in the raids.
The raid follows a decision by a committee, headed by Wadih Hanna, to assess Muslim Brotherhood funds and to confiscate these properties.
Workers at a Seoudi company branch in Dokki expressed by security forces forcing them outside and closed the shop for inspection. "We do not know the reason behind this," said one employee. "We were surprised by police raiding the branch and shutting it down."
One of the officials in the branch affirmed that he did not issue a closure decision, with the branch's reopening "possible".
An official source within the judiciary said that the Egyptian Company for Wholesale, affiliated to the Food Industries Holding Company, will take charge of Seoudi and Zad markets, noting that both markets will reopen after taking inventory.
He added that the employees of the supermarkets will receive their salaries and all their dues.
In December 2013, the Egyptian government banned Muslim Brotherhood activities and formed a committee to assess and confiscate their funds and property. The measure came as part of a series of actions taken by authorities against the group since the overthrow of the former president Mohamed Morsi.
Among the 527 members of the group whose money the government decided to confiscate are former president Mohamed Morsi and businessmen Khairat El-Shater and Abdul Rahman Al Saudi.
Khairat El-Shater and Hassan Malek are among the most prominent businessmen in the Muslim Brotherhood and own a range of commercial activities. These cover fields as diverse as clothing and furniture, such as Sarar, Rawag Logisitics, Istikbal Furniture, Al-Shihab Cars, and Ajyad Services
The Egyptian government has not yet issued a decision to close these activities.
Officials within the judiciary interpreted Sunday's store closures as the committee's attempt at limiting Muslim Brotherhood funds and taking custody of their finances and administration. The process will continue, they said, until there is an extensive investigation into the sources of funding for Brotherhood activities.
According to Major General Sayed Shafiq, Public Security assistant in the Minister of Interior, the closure of Seoudi shops was based on the judicial decision to impound these properties.
He added that security forces will continue to impound these shops and guard them with security patrols while awaiting further instructions from the concerned bodies.
An official Seoudi source from the group said that the action would not result in closure or confiscation of companies that are members of the Muslim Brotherhood. He said that members of the group involved in business "learned their lesson in the 1980s following the confiscation of the group's funds after their success in parliamentary elections".
"The government at that time decided to confiscate the Brotherhood's funds so as not to allow them to spend money on their election campaign," the Seoudi official said. "Since then, the businessmen learned their lesson and decided to remove themselves from their economic activities, so their positions became ceremonial ones, and this way the decision to confiscate would not impact them."
In October, the cabinet formed a committee to assess the funds of all institutions and entities affiliated with or established by the Muslim Brotherhood, whether they be supported financially or otherwise. This included organisations that receive donations from the Brotherhood and employ a member of the Brotherhood or an organisation. This would be regardless of whether the funds were liquid, real estate, or movable property, in order to impound them.
Seoudi Market operates five branches in Dokki and Sheikh Zayed, a branch in Mesaken Sheraton, and two branches Maadi, with a total of 26 branches across Egypt.
Aly Hisham, a member of the Foodstuffs Division of the Cairo Chamber of Commerce, said that branches of Seoudi Market target mainly high-income earners in upscale areas and account for as much as 15% of this market.
Hisham added that competing chains such as Metro and Carrefour will most likely benefit from the closure of Seoudi as the supermarkets are located in the same areas, and because the action comes in the lead-up to Ramadan where food demand will rise.

Clic here to read the story from its source.