15-07-2010 Masr El Naharda Interview with Ahmed El Maghraby Part 2

Khairy: What about Amon Island? El-Maghraby: Hisham Khalil, MP, said that an island in the midst of Aswan Nile (238 acres) is sold at EGP84mln. He also said that it was sold to a company that minister El-Maghraby has shares in. this should be the biggest looting case in the modern history of Egypt. Khairy: It is said that its value reaches EGP1bln. El-Maghraby: Any acre in Aswan Nile should be no less than EGP3mln, this means that the value of the whole island should exceed EGP700mln. So, how come it is sold at EGP84mln. Hisham Khalil said in the Economic Committee record "Misr-Aswan Co. has offered Amon Island for sale. I, myself visited the island and found a magnificent hotel in it. Then, it was announced for sale in a public bid, won later by Amon Island Co....etc". An independent MP (Farid Ismail) also said that he knew that the island was a natural reservation and it was sold to PHD at EGP8 per meter while it costs much higher price". I tell Ismail that if he was speaking about Amon Island, we should speak about EG800mln not EGP84mln for its price. The strange thing is that both MPs do not speak about Amon Island. Amon Island is less than 5 acres (20,000 meters). What we are speaking about is the sale Tut Amon Village by Misr-Aswan Co. Khairy: who owns Amon Island? El-Maghraby: Amon Island is owned by EGOTH affiliated to GAFI and is granted under usufruct to an investor for long time. Khairy: why didn't you respond to Hisham Khalil. El-Maghraby: That was one week ago. During the session, all facts were reviewed. It was indicated that Tut Amon Village (Southern Amon Island) was the land sold. People should take care when they tell the public opinion about a massive looting of millions of pounds without evidence. They are speaking about selling Amon Island to a company listed in the stock market without even knowing the meaning of that. Such company should disclose all its dealings. The stock market also supervises all the dealings. No one has paid any attention to the owner of the selling company (Misr-Aswan Co.). Both MPs should have differentiated between Amon Island, the hotel built on it and Tut Amon Village. The first buyer of Tut Amon Village has established a company called Amon Island Co. and so there was a misconception. Khairy: What was the interest of both MPs? El-Maghraby: I thought that Hisham Khalil should apologize for such misconception made between Amon Island and Tut Amon Village. I do not expect anything from the other MP. I hope he shows any evidence for his claims one day. He should take care of defaming me and my family. I was very much concerned about the employees who must be very proud for working in the ministry and other companies. Khairy: how do you interpret the intervention of the President? El-Maghraby: The High Dam Lake has a special law. The owner of the village is a governmental company. The village is adjacent to the Dam. The President thought that the village should remain as a State-owned property, and it can be granted to the private sector with usufruct contract aiming to develop the region. By the way, Sheraton has managed the hotel for two years and then the owner company tried to manage it for ten years. The President's vision is to maintain development there while granting the land to investors with usufruct. The President knows Egypt like the back of his hand, so all of us are afraid to make mistakes in the geography of the place.