Major scam targeting retirees' funds
The article discusses the conflict between Dr. Youssef Botros Ghali, former Minister of Finance, and Ambassador Mervat El-Tellawy, former Minister of Insurance, regarding the management of Egyptian retirees' funds, estimated at around 400 billion pounds. El-Tellawy revealed that these funds were used in reckless financial ventures, such as investing abroad or funding unproductive projects, which resulted in significant losses and delays in improving retirees' living standards. She also pointed out that during that period, the government seized the pension funds overnight to cover budget deficits, allocating some of them to failed projects like Toshka and the Media Production City. Meanwhile, the returns from government sukuk were unprofitable and exceeded inflation rates. El-Tellawy emphasized that these policies led to the depletion of retirees' savings and the deterioration of their living conditions, while Ghali defended his decisions as necessary to save the economy. The narrative exposes a pattern of poor financial management that persisted for decades, leading to the wastage of resources belonging to vulnerable groups, and highlights how the interests of the ruling authority were protected at the expense of retirees' rights.
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