Debates Erupt Over CIS Chairmanship

Disputes have erupted among employees at the Cooperative Insurance Society Egypt after the Egyptian Financial Supervisory Authority (EFSA) named Alaa El-Gharably, former representative of Social Fund for Development (SFD) at CIS’ board of directors, as chairman of the Society.

Some employees said they want Abdel Monem Bakheet to remain in his position as the chairman of the Society, while others say they prefer a new leader to hold such position.

However, some supporters of Bakheet said they will wait and see the vision of the new leadership. Sources said El-Gharably may help in extending the repayment term of the loan offered by Insurance Holding Company and Social Fund for Development to the Society.

Sources added that the general assembly of the Society, which was slated to be held last Wednesday, was postponed to an unidentified date until El-Gharably holds a board of directors meeting to set the main features of the Society in the upcoming period and choose candidates for the two positions of experienced members.

El-Gharably will hold the chairmanship position till the three-year term of the board of directors, which started in October 2011, ends.