CIS Seeks EFSA’s Intervention In Chairmanship Dispute

The Cooperative Insurance Society – Egypt (CIS) has asked the Egyptian Financial Supervisory Authority (EFSA) to settle the dispute between Alaa El-Gharably and Abdel Monem Bakheet over the chairmanship of CIS’ board of directors, sources said.

Alaa El-Gharably, assistant secretary general of the Social Fund for Development (SFD) and representative member at Cooperative Insurance Society Egypt’s board of directors, was named the chairman of CIS after the board of directors withdrew confidence from the ex-chairman Abdel Monem Bakheet after the latest turmoil in the Society in the last period.

Bakheet has been appointed interim managing director until selecting a technical member to hold the managing director position which was vacant since the resignation of Yehia Abdel Ghaffar last month.

Bakheet rejected such decision and distributed leaflets claiming that the board of directors’ meeting was illegal as the members of the board were not invited, meaning that the decision of withdrawing confidence shall be cancelled.

EFSA is expected to reply to CIS by the beginning of next week to determine who will chair the general assembly meeting that is slated to be held on November 28th. A managing director and an experienced member will be chosen during the general assembly meeting. Adel Fatoury, general manager of reinsurance department at Egyptian Saudi Insurance House, will run as candidate for managing director position, sources added.

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