Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Jordan- Phosphate workers to demand re-nationalisation of company  Join our daily free Newsletter

MENAFN - Jordan Times - 14/05/2012

No. of Ratings : 1
Add to Mixx!


 


(MENAFN - Jordan Times) Jordan Phosphate Mines Company (JPMC) employees are planning to gather outside JPMC headquarters in Abdali on Tuesday to demand that the privatised firm be returned to state ownership.

Secretary of the Independent Union of Phosphate Workers (IUPW) Ahmed Qaisi told The Jordan Times over the phone on Sunday that JPMC employees as well as activists will hold a sit-in to call for terminating the agreement with the Brunei Investment Agency, represented by Kamil Holdings, Ltd., under which the agency acquired over one-third of the company.

The protest, Qaisi said, is scheduled to coincide with a meeting of the JPMC board of directors to select a member to represent Kamil Holdings and is aimed at demanding that a Jordanian government representative be selected as chairperson.

According to the JPMC website, major shareholders of the company are Kamil Holdings Limited, which owns 37 per cent of overall shares, Jordan's finance ministry with 26.2 per cent, the Social Security Corporation with 16 per cent and the Kuwait Investment Authority with 9.3 per cent.

In a statement issued by the IUPW yesterday, the employees stressed they wanted the company to be directed by an "honest" Jordanian.

"We will refuse to have a chairperson from Kamil Holdings, who will adopt the same agenda" of predecessors, the statement said, adding that "keeping the phosphate resources underground is better than stealing them".

According to Qaisi, the majority of the company's 3,800 employees are expected to take part in the demonstration.

The former chairman, Walid Kurdi, resigned after the 2006 JPMC privatisation agreement stirred controversy in the Kingdom, pushing a Lower House committee and the Anti-Corruption Commission (ACC) to investigate several suspected corruption cases related to the company.

However, a majority of deputies voted in favour of the committee's recommendations for the government to terminate the JPMC privatisation agreement on grounds of its "unconstitutionality and illegality", grant concession rights for the exploitation of phosphate in other regions in the Kingdom and rectify the status of the board of directors of the formerly state-owned JPMC.

The privatisation case was settled with a verdict issued this week by the Higher Council for the Interpretation of the Constitution which ruled that the move was completely constitutional.

The ACC is probing other suspected files of corruption in the company, but no lawsuits have been filed in this regard so far.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help