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🇪🇬 Egypt /Crime & Justice

Egypt expedites sale of confiscated cars at public auctions

From Egypt Independent · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • Egypt has signed a cooperation protocol to expedite the sale of confiscated vehicles through public auctions.
  • The agreement involves the Public Prosecution, Ministry of Finance, and major banks to ensure transparency and maximize state revenues.
  • The process aims to clear impound lots, return land for reuse, and increase the availability of vehicles for public sale starting in July.

Egypt is streamlining the disposal of confiscated vehicles through a newly signed cooperation protocol. The agreement brings together the Public Prosecution, the Ministry of Finance (represented by the Management and Disposal of Recovered and Seized Funds Authority and the General Authority for Government Services), alongside Banque Misr and the National Bank of Egypt.

The cooperation protocol aims to achieve the best return from confiscated vehicles according to market mechanisms and to clear their impound lots in the governorates.

— Mohamed Suleiman QouraExecutive Director of Management and Disposal of Recovered and Seized Funds Authority, explaining the objectives of the protocol.

The primary goal of this protocol is to facilitate the swift disposal of confiscated vehicles via public auctions. It aims to establish clear governance for sales procedures, ensuring transparency and safeguarding public funds. By implementing oversight measures, the initiative seeks to prevent the re-accumulation of vehicles in impound lots across the governorates.

Mohamed Suleiman Qoura, Executive Director of the Management and Disposal of Recovered and Seized Funds Authority, highlighted the protocol's role in maximizing the benefit from underutilized state assets. He explained that the initiative will channel returns into the state treasury and protect citizens' rights by ensuring fair market mechanisms are used for vehicle sales. Clearing the impound lots is also crucial for freeing up land that can be returned to the Ministries of Local Development and Housing for other uses.

Ending the car accumulation will allow for the return of the land to the Ministries of Local Development and Housing for reuse.

— Mohamed Suleiman QouraExplaining a secondary benefit of clearing impound lots.

The process of clearing these vehicle lots and launching the first public auctions is scheduled to commence in July. Mohamed Adel, head of the General Authority for Government Services, stated that vehicles will be offered in public auctions to increase the number of cars and motorcycles available. Information booklets will be available for purchase, and payments can be made through Banque Misr and the National Bank of Egypt. Specialized committees will be formed to ensure the efficient delivery of vehicles to buyers upon full payment.

This step aims to increase the number of cars and motorcycles offered for sale in auction sessions.

— Mohamed AdelHead of the General Authority for Government Services, on the goal of increasing vehicle availability.
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Originally published by Egypt Independent. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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