Cooperative Insurance Society’s Legal Adviser Resigns

Raed El-Nafrawy, legal adviser at the Cooperative Insurance Society – Egypt, has resigned, sources said.

Sources revealed that the turbulent situation is one of the main reasons behind the resignation of El-Nafrawy., adding that a new legal adviser will be selected after choosing a new managing director.

The newly-elected board of directors will hold a meeting next Tuesday to choose a managing director and chairman for the Society, sources added.

Appointing Kamal Mohamed Ali as managing director was dismissed; accordingly, there are no more eligible candidates for the position except Dr. Refky Rashed Latif, the only member with experience in the board of directors.

The newly-elected board of directors includes representatives of the Social Fund for Development: Mohamed El-Shafaey, Ahmed El-Dib and Hossam Moustafa. The board also includes Hamdi Azzam, member of the board of director of the Industrial Development and Workers bank of Egypt; Hazem Moutafa, head of investment sector at Al Baraka Bank of Egypt; Mohamed Ekram, general manager of the National Bank of Egypt; Abdo El-Negily, general manager of credit sector at Alex Bank; Hesham Salah, financial manager at Star Gas Company; Soliman Meselhy, secretary general of Assiut Businessmen Association as well as the experienced members Kamal Mohamed Ali and Refky Rashed Latif.