Egypt PM’s Brother To Run For MCDR Board of Directors Seat

Galal El-Ganzoury, brother of Egyptian Prime Minister Kamal El-Ganzoury, is running for a seat on the board of directors of Misr for Central Clearing, Depository and Registry (MCDR), Al-Ahram’s Arabic-language news website reported on Tuesday.

The elections, which will also see the selection of a new board chairman, are slated for Wednesday.

MCDR specializes in clearing and settlement transactions for securities traded on the stock market.

“El-Ganzoury served on the board of directors of Egypt’s Capital Market Authority in the early 2000s and currently works at a brokerage firm,” said Eissa Fathi, head of securities at the Cairo Federation of Commerce.

Fathi, who is himself vying for a seat on the board, denied recent rumours that Galal Ahmed El-Ganzoury, was set to win the position thanks to his brother’s exalted government position.

“The outcome will depend entirely on the voting process among shareholders,” he told Ahram Online. “It cannot be rigged.”

Khaled Serry Siam, former chairman of the Egyptian Exchange EGX, is also vying for MCDR’s chairman of the board position. He, along with El-Ganzouri and Fathi, is among ten candidates competing for three vacant seats.

Founded in 1992, MCDR is held jointly by the Cairo and Alexandria Stock Exchange (35 per cent), certain authorized banks (50 per cent) and a handful of local brokerage firms (15 per cent).

The Egyptian Financial Supervisory Authority (EFSA) announced Tuesday the final list of candidates for Misr for Central Clearing, Depository and Registry (MCDR) Board of Directors after reviewing and accepting the petitions filed by 3 candidates who have been excluded from running for the MCDR elections.

The list includes two candidates for MCDR Chairman position; Mohamed Abdel Salam and  Ashraf Mahmoud El-Dab’.