14 - 20 June 2001
Issue No.538
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Al-Ahram Weekly Online 14 - 20 June 2001 Issue No.538 |
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Above suspicion
I was astounded by what is being said of the corruption rampant in the Bourse, which is supposed to be one of the most visible institutions in Egypt's economic life today, and therefore among the most irreproachable. As a bastion of the market economy, the stock exchange can only be devastated by dishonest dealings. The government's reaction, however, was noteworthy.
Kamal Ahmed, a member of the People's Assembly, raised charges in parliamentary debates that caught public attention, because they were backed by documentary evidence and not merely unsubstantiated allegations. The wise decision taken by Prime Minister Atef Ebeid to refer the matter to the public prosecutor for investigation was highly significant, for silence implies guilt even if the accusation is groundless. Investigation is the only way to rehabilitate the bourse's international image, and even if the accusations are proven correct, which by necessity implies that those responsible will be punished, that merely confirms the institution's proper functioning.
The stock exchange has shown its vitality as an integral component of our national economy, but vitality is not always sufficient; its reputation must remain unimpeachable. The parliamentarians' accusations, in this light, are a cause for satisfaction, since they prove that the people's representatives are doing their jobs effectively and watching the national scene with the requisite attentiveness.
Based on an interview by Mohamed Salmawy.
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