What Is Conflict of Interest
Current Event
Group 8
Mohamed Ibrahim Suleiman
What is conflict of interest?
Conflict of interest is not between conflicting interests only, but it is more about when a personal interest comes into conflict with an obligation to serve other’s interests. This type of ‘obligation’ is characterized by a relation between an (agent) who agrees to act in the interest of the (principal), for example- among fiduciaries, such as executors and trustees.
The subject matter:
The subject matter regarding the conflict of interest topic is Egypt 's ex-housing minister Mohammed Ibrahim Suleiman and Magdi Rasekh- the father-in-law of Alaa Mubarak- were found guilty of squandering public funds, profiteering and illegally seizing a large swath of land. In a 50-page report the ACA (Administrative Control Authority) has accused Suleiman of allocating eight plots of land to his son Sherif, his daughter Dunia and his wife Mona in the New Cairo district of Tagammu Al-Khamis in "violation of the new communities law which allows just one plot of land to be allocated per 600 metres to each member of his family only to subsequently increase it to 2,000 and 4,500 metres", (Al-Ahram).
Another main conflict of interest issue is Suleiman allocation of four plots of land in east Cairo 's Golf Heights district to his family. "Each member of his family bought the land for LE250 a meter though just three months later Suleiman ordered that plots of land in the Golf village be priced at LE1,000 a meter. His actions constitute the misappropriation of public property and profiteering," said the report. "Members of Suleiman family, after paying just LE250 per meter for the land, sold it shortly afterwards to private real estate investors for LE1,000 a meter."
The ACA report also says Suleiman did the same in the northern Mediterranean resort of Marina and the southern Cairo district of Tagammu Al-Khamis, where 20 plots of land were allocated to his brothers-in-law and their sons at just LE250
Group 8
Mohamed Ibrahim Suleiman
What is conflict of interest?
Conflict of interest is not between conflicting interests only, but it is more about when a personal interest comes into conflict with an obligation to serve other’s interests. This type of ‘obligation’ is characterized by a relation between an (agent) who agrees to act in the interest of the (principal), for example- among fiduciaries, such as executors and trustees.
The subject matter:
The subject matter regarding the conflict of interest topic is Egypt 's ex-housing minister Mohammed Ibrahim Suleiman and Magdi Rasekh- the father-in-law of Alaa Mubarak- were found guilty of squandering public funds, profiteering and illegally seizing a large swath of land. In a 50-page report the ACA (Administrative Control Authority) has accused Suleiman of allocating eight plots of land to his son Sherif, his daughter Dunia and his wife Mona in the New Cairo district of Tagammu Al-Khamis in "violation of the new communities law which allows just one plot of land to be allocated per 600 metres to each member of his family only to subsequently increase it to 2,000 and 4,500 metres", (Al-Ahram).
Another main conflict of interest issue is Suleiman allocation of four plots of land in east Cairo 's Golf Heights district to his family. "Each member of his family bought the land for LE250 a meter though just three months later Suleiman ordered that plots of land in the Golf village be priced at LE1,000 a meter. His actions constitute the misappropriation of public property and profiteering," said the report. "Members of Suleiman family, after paying just LE250 per meter for the land, sold it shortly afterwards to private real estate investors for LE1,000 a meter."
The ACA report also says Suleiman did the same in the northern Mediterranean resort of Marina and the southern Cairo district of Tagammu Al-Khamis, where 20 plots of land were allocated to his brothers-in-law and their sons at just LE250
Cited: Boatright, John.”Ethics and the Conduct of Business”. Seventh Edition. Pearson. El-Din, Gamal Essam. "Suleiman Defends Himself." Al-Ahram Weekly. Al-Ahram, 18 - 24 Feb. 2010. Web. 12 Nov. 2012. Mohamed Mahmoud. "Former Egyptian Minister Faces Corruption Charges | Al-Shorfa." Al-Shorfa.com. Al-Shorfa, 2 Mar. 2010. Web. 11 Nov. 2012