Sayed Tunisian returns the University’s funds on October 6… and is released by the Public Prosecutor’s Office pending an investigation

The public prosecutor’s office launched investigations into what the accused, Sayed Tounsi, the president of the October 6 University Board of Directors, is accused of committing the crime of aggression against public money.

The State Attorney’s Office ordered the release of the Tunisian, pending an investigation, after his surrender and the return of the confiscated funds, thereby nullifying the justifications for his imprisonment.

The prosecutor’s office said in a statement that it had ordered the imprisonment of the Tunisian lord – in his capacity as a public servant – the chairman of the board of directors of the Suez Canal Company for the localization of technology and the chairman of the board of trustees of the university on October 6, both of whom contribute public money with a share in their capital.

Investigations accused the Tunisian of confiscating the ownership documents of the Suez Canal Technology Localization Company and Misr Insurance, which prove their share in the capital of the University (October 6), and of having unjustly appropriated two shares valued at four billion pounds with the intention of ownership, which was criminal the crime was connected with the criminal offense of falsifying the budget. In 2016, the university reduced its capital from 958 million pounds to 20 million pounds, and attributed the ownership of the university to itself, contrary to the truth. .

The incident began with an investigation by the General Department of Public Fund Investigations, which established that the accused used his position as chairman of the board of directors of the company for the localization of Suez Canal technology and the board of directors of the 6 October University – owned by the company – in the period from 2014 to 2016, and then he illegally appropriated the property, assets and rights of the university, the material and intellectual value of which exceeded four billion pounds, by misappropriating the foundation contract of the university and the documents of the said company and the Misr insurance company in the capital, and replaced them with other forged documents in which, contrary to the truth, proved that the property of the University is exclusively his.

The investigation added that the accused falsified, during the same period, one of the minutes of the extraordinary general meeting of the Suez Canal Society for the Localization of Technology; Wherein he calculated the value of the company’s share in the university’s capital to the value of the company’s debt to the company, with the intention of seizing that share and expelling the company from the founder of the university, and also during 2016 he falsified the University’s budget by reducing the capital in the shareholder’s rights item to the amount of only 20 million pounds, thus excluding two companies of the Suez Canal. Localize technology and Misr insurance from the founder of the university, confiscating only his assets, obtaining the difference between the nominal value of the university and its real value, which exceeds four billion pounds.

Investigations confirmed the defendant’s attempt to confiscate 209 million Egyptian pounds from the university’s funds, claiming that they were spent for its establishment in 1993 illegally, since the payment of this amount was approved during his chairmanship of the university’s governing board and proved as a debt owed to him by the university’s budget for 2015 and 2016, contrary to the truth, but the investigations proved that he did not actually receive that amount, and the investigations of the Administrative Control Body confirmed that the defendants had committed these crimes.

The public prosecutor’s office moved to the university’s headquarters and inspected its administration building and seized the assets of the university’s budget from 2002 to 2018 and a series of minutes of the university’s board of directors. Upon inspection of these documents, it became clear that the localization of Suez Canal technology and Misr insurance companies owned capital universities in their budgets up to 2015. A review of the 2016 budget showed that the university’s capital was reduced from £958 million to £20 million, and the clarifications supplementing that budget prove that reduction and that all the foundation shares that came into ownership of the defendants under the founding agreement concluded in 1993 without explaining the reason for the reduction or the source of the contract. That is, how the shares in the two listed companies disappeared, and these contradictory claims continued to be proven in the budgets of 2017 and 2018.

The State Prosecutor’s Office received the committee’s report drawn up by an expert on illegal acquisition, in which it is determined that the defendant committed the criminal acts attributed to him, and that he damaged the funds of the joint-stock company Suez Canal Company for Technology Localization. whose funds are considered public funds, and Misr osiguranje, which violated accounting principles.

The report confirmed that the money granted to the accused under the name of university establishment costs, estimated at EGP 209 million, was incorrect. The investigations were concluded because the accused did not actually spend that amount.

The legal representatives of The United Bank, Misr Insurance Company, the chairman of Al-Ahly Investments Company, the chairman of the Board of Directors of Suez Technology Localization Company and the auditor of accounts testified in the investigations, in the investigations of the public prosecution, confirming the findings of the investigation against the accused.

Based on all of the above, the public prosecution questioned the accused, and he presented his defense regarding the charges against him, and decided to settle with the Suez Canal Company in order to localize the technology and recognize the ownership of the university and allow the contract to be documented about ending the dispute with the university and issuing a power of attorney to his lawyer to take the necessary measures, so the State Attorney’s Office ordered him to be detained. Investigations are underway that will enable him to issue a power of attorney and the necessary declaration, and transfer the real estate notary to his prison to complete the proceedings.

On December 6 of this year, the defendant’s attorney appeared and submitted a documented statement of real estate registration on behalf of the defendant, in which the defendant admitted that he did not own any shares in the capital of the university and undertook not to challenge the Suez Canal Company to solve the technology in the future in his ownership of it, and his waiver of decisions issued in his favor, and the agent of the accused confirmed the investigations. By depositing a copy of this documented statement in the university file at the private university of the Secretariat at the Ministry of Higher Education, giving evidence of this. The State Attorney’s Office asked the Suez Canal company’s lawyer for the localization of technology, and he confirmed that the accused submitted the said documented statement and deposited it in the company.

With this renunciation and confession of the defendant, the things that were damaged and public funds taken by the defendant were preserved and returned, and accordingly the justification of the precautionary measure was rejected, so the State Attorney’s Office ordered his release, and the investigations are being completed.