Some employees at Cooperative Insurance Society-Egypt submitted a complaint to Ghada Wali, general secretary of Social Fund for Development and the fund representative at CIS board, against the board of directors accusing them of forging the elections of senior membership at CIS board of directors. These elections resulted in the victory of Dr. Ali Shaker, head of Insurance Department at faculty of Commerce in Cairo University, and Nazhy Ghalioum, former managing director at Iskan Insurance Company.
Moahmed El-Sabe, former managing director at CIS and former candidate for the senior membership, said that the Board summoned a number of farmers in debt at the general assembly and told them to elect certain persons.
The complaint is submitted to Social Fund for Development as CIS is dealing with frequently and that there is a representative for the Fund in CIS’s board, El-Sabe explained.
El-Sabe said employees demanded that the Board shall step down and that another election shall be held. The current board paid about 40 thousand as travel allowances for some of the members at the general assembly so as to elect certain candidates.
CIS’s indebtedness reached EGP 180 million; EGP 80 million of which owed to Social Fund for Development, EGP 60 million owed to hospitals and pharmacies with health insurance coverage, and EGP 40 million paid as indemnifications for cars. In addition, National bank of Egypt terminated his contract with CIS, El-Sabe noted.
El-Sabe added that Amal Masoud, former consultant at Egyptian Financial Supervisory Authority, who was also a former candidate for senior membership at CIS shared the employees their demands.
