By Mohamed Alaa Eldin
Egypt Post Chairman Khaled Negm requested all Egypt Post departments launch an investigation into first degree relatives of employees working within the same departments and sectors in the company.
The investigation’s purpose is to gain knowledge on the functional strength of employees in Egypt Post. The list of relatives detailed by the investigation includes children, siblings, and spouses, according to an official communiqué issued by the Chairman’s office dated 17 December, obtained by Daily News Egypt.
An Egypt Post official, who requested anonymity, said the Chairman’s decision is due to numerous complaints received over the presence of more than one employee with his/her first degree relative working within the same department. Such conflict of interest is prohibited by law, and prompted Negm to launch the investigation.
According to the official, Egyptian law prohibits first degree relatives from working within the same department, although not in the entirety of Egypt Post. Negm took over as Chairman of Egypt Post last November, after Ashraf Gamal El-Din resigned in August.
Negm faces many challenges, the most prominent of which is the continuation of the development of postal services system which was begun by Gamal E- Din in April prior to his resignation. Egypt Post achieved a surplus of EGP 150m in the fiscal year (FY) 2013/2014 for the first time in five years. Its investments, not counting the National Investment Bank and Etisalat Egypt, reached EGP42.4bn, with returns of 13.8% by the end of June 2014.
Egypt Post’s stock portfolio had excellent results by end of FY 2013/2014, reaching EGP 946m, with returns of 38%. Egypt Post’s total investments in investment funds reached approximately EGP 1.179bn with returns of 42.7%.