CIS Withdrew Confidence From Bakheet, Named El-Gharably Chairman

Alaa El-Gharbly, 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, sources close to the matter said.

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.

A meeting of the board of directors will be held to choose two technical members with experience as one of which will be selected to hold the managing director position in the general assembly meeting in November 29th.

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