Egyptian Financial Supervisory Authority (EFSA) called on Co-operative Insurance Society (CIS) to reply to the appeals raised against the latter from Mohamed Abdel Rahman El-Sabe, former managing director at CIS, Amal Masoud, former consultant at EFSA and other candidates for CIS membership before tomorrow.
Abdel Moneim Bakheet, head of CIS, said that there will be a session today with CIS legal consultant to reply to these appeals, determine its validity and notify EFSA with the results to announce afterwards the final 15 candidates.
Mohamed Abdel Rehim El-Sabe, former managing director at CIS, said that the appeals are raised against CIS’s procedures as Ali Shaker’s candidacy application are accepted, head of Insurance Department at Faculty of Commerce, Cairo University, although he has been a member at CIS for less than 6 months. In addition, Nazhy Ghalioum, former managing director at Iskan Insurance Company, was accepted although he did not submit the required documents.
Candidacy conditions state that the candidate shall be a member at CIS for more than 6 months, experienced in insurance for more than 25 years or a former board member at an insurance company. In addition, candidates shall submit the needed documents.
El-Sabe added that if these replies are not upheld, he will file a case in the court.
Candidates is competing over two seats of Experienced Board members at CIS, whose elections will be held on 19-20 March, so that the board will increase to 11 members.
