Head of Endowment Authority relieved of duties after sale of shares

CAIRO - 29 April 2018: Head of the Egyptian Endowment Authority Ahmed Abdel Hafez has been relieved of his post less than a year from his appointment, according to a Sunday announcement by the cabinet.

The cabinet is yet to release a detailed statement on the decision, as well as figures nominated to replace him. However, informed sources have said Minister of Endowments Mokhtar Gomaa requested the Administrative Prosecution and the Accountability and State Authority to determine the feasibility of the authority's recent sale of some of its shares to the Housing and Development Bank.

The authority was first established in 1835, and regulated by law in 1971. It manages the assets and properties of charitable trusts in the form of shares in banks such and companies.

In return, the authority receives 25 percent of the revenue and 75 percent are received by the Endowments Ministry.