EFSA rejects appeal against Cooperative Insurance Society

Egyptian Financial Supervisory Authority (EFSA) rejected the appeals on procedures of candidacy for Egypt’s Cooperative Insurance Society’s (CIS) senior membership.

Abdel Monem Bakheet, chairman of CIS, said that EFSA had rejected the appeals and that the final candidates’ names, running for two seats of CIS’ membership, are announced. The candidates are Ali Shaker, head of insurance department at Faculty of Commerce, Cairo University; Nozhy Ghalioum, former managing director of Iskan Insurance Company; Mohamed Abdel Rahim El-Sabe, former managing director at CIS and Amal Masoud, former consultant at EFSA.

Raed El-Matrawy, legal consultant at CIS, said that the appeal raised against a candidate on the grounds that he has been a member at CIS for less than six months is not based on CIS’s regulations which is in accordance with Act 10 for 1981.

Mohamed El-Sabe and Amal Masoud, candidates for CIS’s senior membership, raised an appeal at EFSA against procedures of candidacy for CIS’s senior membership. EFSA requested CIS’s reply on these appeals before March 13, and then CIS said the appeal is invalid.

El-Sabe said that he accepted EFSA’s decision and that the worthy one will win in the upcoming elections, which will be held on 19 and 20 March.

Noteworthy that CIS’s Board was elected on last October 24th, of which Abdel Monem Bakheet is a chairman and Nabil Helmy, Ahmed Fouad, Hassan Kamal, Shaimaa Mohamed, Mohamed El-Shafey, Taher Salah El-Din and Alaa Gamal are the members.