MP Mohamed el-Omda has submitted a notification to Attorney-General Abdel Meguid Mahmoud against Prime Minister Ahmed Nazif and Finance Minister Youssef Boutros Ghali, as well as the chairman of the National Investment Bank, the president of the National Radio and Television Union, the president of the National Post and the president the General Petroleum Corporation, accusing them of wasting LE 100 billion of public funds. Omda based his notification on the Central Auditing Agency (CAA) report on the State Budget closing account that showed large sums of money spent on advertising, congratulations and condolences in newspapers and on bonuses, contrary to what they were originally allocated for. He said the National Post has invested LE 2.6 billion since 2004 in companies that have not generated any revenue until June 30, 2008, contending that JERONILE has lost LE 626.6 million until December 31, 2007, which constitutes 98% of its capital (LE 630.7 million). He also said that the General Petroleum Corporation has invested in companies that made it lose LE 32 million in the 2007/2008 fiscal year, and that it did not get any revenue from the LE 8.3 million it has invested in IFACO. He added that the National Radio and Television Union has invested LE 1.1 billion till June 30, 2008, of which some LE 705 million were loans from the National Investment Bank with LE 803 million in interests, while it only got LE 27.5 million in revenue, constituting 2.5% of its total investments. He said the report showed that these bodies paid high interests and only got little revenues on their investments that have reached LE 92.3 billion until June 30, 2008, which is why CAA called for reconsidering such investments.
