State Council Considers Misr Insurance’s Split Case Tomorrow

Investment Department at the State Council’s Administrative Judiciary Court will consider tomorrow the lawsuit raised by Misr Insurance Company’s employees against applying the law no.118 of 2008, which obligates the split of life insurance from property insurance.

Essam El Eslamboly, legal consultant of Al Karama Party, had filed a lawsuit no. 42012/65 against applying the law no.118 of 2008 at the Administrative Court.

Mahmoud Ahmed El Shagheer, the lawyer present on behalf of El Eslamboly, told Amwal Al Ghad that the lawsuit was postponed several times so the court commissioners can read the legal and technical reports. The final decision will be concluded in the next session in which the lawsuit will be referred to the State Council’s Court.

Essam Abdel Fattah, treasurer of the Committee Union, employees will challenge the law at the Supreme Constitutional Court, if the Administrative Court decided to apply the separation.

Employees rejected the decision of reducing the employees’ annual bonuses from 10% to 7% and have agreed with Mohamed Youssef, chairman of Misr Insurance Holding, to attend the meeting of the chairmen of the Company’s subsidiaries tonight to discuss this issue, Abdel Fattah added.

The annual bonus was announced to be raised to 10% last November, but this increase was not applied by the new fiscal year. Employees were told that this decision shall be taken during the general assembly of the companies which will be held next October.

It is worth mentioning that Misr Insurance Holding encompasses Misr Insurance Company, Misr Life Insurance Company, Misr Financial Investments Company, Misr Real Estate and Tourist Investment and Misr Real Estate Management.