The Public Prosecution signed a cooperation protocol with 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 – to ensure the swift disposal of confiscated vehicles.
The protocol facilitates governance of sales procedures in public auctions to maximize state revenues, implements oversight measures to ensure transparency and protect public funds in vehicle auctions, and works to prevent the re-accumulation of vehicles in impound lots.
Achieving the Returns
The Executive Director of Management and Disposal of Recovered and Seized Funds Authority, Mohamed Suleiman Qoura, expressed his appreciation for the Public Prosecution’s efforts in maximizing the benefit from underutilized assets, channeling their returns into the state treasury, and protecting citizens’ rights.
He indicated that 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.
Ending the Car Accumulation
Qoura added that ending the car accumulation will allow for the return of the land to the Ministries of Local Development and Housing for reuse.
He explained that the process of clearing the car lots and launching the first public auctions is scheduled to begin in July.
The head of the General Authority for Government Services, Mohamed Adel, stated that vehicles will be offered for sale in public auctions.
This step aims to increase the number of cars and motorcycles offered for sale in auction sessions, he said.
He continued that the terms and conditions booklets will be available for purchase and vehicle auction payments can be made through branches of Banque Misr and the National Bank of Egypt, and specialized committees will be formed to ensure the swift delivery of vehicles to citizens upon full payment.
