{"id":612946,"date":"2024-01-04T00:00:00","date_gmt":"2024-01-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/04\/madbouly-cabinet-beefs-up-penalties-for-hoarders\/"},"modified":"2024-01-04T00:00:00","modified_gmt":"2024-01-04T00:00:00","slug":"madbouly-cabinet-beefs-up-penalties-for-hoarders","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/04\/madbouly-cabinet-beefs-up-penalties-for-hoarders\/","title":{"rendered":"Madbouly cabinet beefs up penalties for hoarders"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Cabinet ratchets up hoarding penalties and extends incubation period for<\/strong><strong> companies:<\/strong> In their weekly meeting, ministers approved an amendment to deter the hoarding of strategic commodities and gave the nod to an extension to the grace period for companies and institutions to wrap up their paperwork, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0H27cuya29cbc7KYswKmrZSUVAZjuBjjK9WBBbLBiMbKgBMoiFt8rNpa2fxbQiFaJl\" style=\"\" rel=\"noopener\">cabinet statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Tougher hoarding punishment:<\/strong> The Madbouly cabinet greenlit an amendment to the Consumer Protection Act, intensifying penalties on strategic commodities hoarding. Hoarding now merits at least one year in prison, and fines ranging from EGP 100k up to EGP 2 mn, or an amount equivalent to the value of the withheld commodities. Violators\u2019 businesses will be subject to up to a six-month of closure, which could be extended into fully canceling their business licenses.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI:<\/strong> The Madbouly government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e6006ee6-dbf0-484e-bad4-3fe0ab4ebaf7\" style=\"\" rel=\"noopener\">earlier this week<\/a> named seven commodities as \u201cstrategic commodities\u201d, prohibiting traders from withholding them from the market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>E<\/strong><strong>xtended grace period for setting up companies:<\/strong> Ministers also approved a draft law to extend the three-year duration given to companies and institutions to wrap up their establishment procedures for another three years. The extension was greenlit so that investment projects can benefit from the incentives listed in the Investment Law, which grant these projects 30-50% revenue tax deductions approved by the cabinet <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/936b39e5-5bac-4b19-a3f6-1931538ced39\" style=\"\" rel=\"noopener\">in July<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO FROM THE MADBOULY GOVERNMENT-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Land plots for USD:<\/strong> The New Urban Communities Authority (NUCA) approved a decision to sell land plots to several companies for USD sourced from outside the country, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0Q2bSH545hZ15rjn7W6f2H755VHVCzcRah9z25f3jHRScNEKY3A4kR5TLjkT9pS9xl\" style=\"\" rel=\"noopener\">cabinet statement<\/a>. The Authority has received \u201c <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c727a04-22a0-4cb2-84ab-fab3dc99b1d1\" style=\"\" rel=\"noopener\">many requests<\/a> by Arab and foreign investors\u201d to pay for state-owned land in USD, officials have said, as part of various initiatives to drum up hard currency amid a persistent shortage.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hoarders face can face up to one year of imprisonment and a fine up to EGP 2 mn<\/p>\n","protected":false},"author":1,"featured_media":612947,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7306],"tags":[282,317,7343,72,125,1350,879],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet-watch","tag-cabinet-watch","tag-commodities","tag-consumer-protection-act","tag-enterpriseam","tag-investment-watch","tag-madbouly-cabinet","tag-new-urban-communities-authority","wpautop","entry"],"acf":{"mongo_id":"5d41c00d-190d-4119-b5f7-28e3429d23fc","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/435.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Madbouly cabinet beefs up penalties for strategic commodities hoarding","related_issue":[612933],"teaser":"Hoarders face can face up to one year of imprisonment and a fine up to EGP 2 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.a91237c8-ab58-431f-90c2-c82fb1256e2e.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Madbouly cabinet beefs up penalties for hoarders - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/04\/madbouly-cabinet-beefs-up-penalties-for-hoarders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Madbouly cabinet beefs up penalties for 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milk, and pasta will continue to be designated as strategic commodities","rel":"","context":"In &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1608.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":615981,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/27\/house-approves-stricter-sentences-for-hoarding-food\/","url_meta":{"origin":612946,"position":1},"title":"House approves stricter sentences for hoarding food","author":"enterpriseam admin","date":"27 February 2024","format":false,"excerpt":"Those hoarding key food commodities will be given sentences of one year in prison and fines between EGP 150k-3 mn","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION 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\"commodities\"","block_context":{"text":"commodities","link":"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/46.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":649711,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/07\/consumer-protection-act-will-impose-stricter-penalties-on-hoarding-of-goods\/","url_meta":{"origin":612946,"position":3},"title":"Consumer Protection Act will impose stricter penalties on hoarding of goods","author":"enterpriseam admin","date":"7 March 2017","format":false,"excerpt":"The Consumer Protection Act will enact more stringent penalties for hoarding and price gouging, warned Prime Minister Sherif Ismail. He added that further restrictions are also in place against hoarding commodities without elaborating further on the details, AMAY reports. The move is part of a series of amendments to the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":610937,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/29\/on-sugar-hoarding-and-bread-subsidies\/","url_meta":{"origin":612946,"position":4},"title":"On sugar hoarding and bread subsidies","author":"enterpriseam admin","date":"29 November 2023","format":false,"excerpt":"CPA cracks down on sugar hoarders","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1646.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577320,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/17\/crackdown-on-rice-hoarding-an-uneven-start-to-life-for-the-governments-car-import-app\/","url_meta":{"origin":612946,"position":5},"title":"Crackdown on rice hoarding + an uneven start to life for the government\u2019s car import app","author":"enterpriseam admin","date":"17 November 2022","format":false,"excerpt":"It was almost a COP-less night on the airwaves last night if you can believe it: The nation\u2019s talking heads turned their focus to domestic issues, including the new app to help expats apply to the car import scheme and the government labeling rice as a strategic commodity to crack\u2026","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612946","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=612946"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612946\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/612933"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/612947"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=612946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=612946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=612946"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=612946"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=612946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}