FRA announces excluded candidates in MCDR election

Daily News Egypt
2 Min Read

The Financial Regulatory Authority (FRA) announced the exclusion of some candidates in the election of Misr Central Clearing, Depository and Registry Company (MCDR).

The authority excluded Yasser Mohamed Khalil, who were running for a managing director, since he did not meet neither item C of Article 4 of the Authority’s Board Resolution No. 96 of 2014, nor item B of Article 5 in the same resolution.

The authority has also excluded Safwat Abdel Moneim for not meeting the conditions required for running the election, as it was revealed that he currently works as a branch head of Mubasher Trade since May 2017. Mubasher is a shareholding company of MCDR.

However, the authority found that Mohsen Adel Helmy, Ashraf Ismail, Medhat Nafeh, and Yasser Mahmoud Rashid eligible for the post. However, they were excluded due to decision No 124 of year 2014 by the authority to amend decision No. 53 of year 2018 regarding the controls of providing licencing, its continuation and the rules of ownership of shares by companies working in the non-banking financial field.

In light of the announcement made by the MCDR, at least one female must run for the position of the managing director.

Meanwhile, the election committee approved the candidacy papers of Khalid Abdel Rahman, who has no shares in the company, as well as Lamis Ali Mohamed.

The FRA stated that the board of directors agreed to present the list of candidates to the general assembly of the company to choose two experienced members who are not shareholders of the company to complete the formation of the board of directors.

The FRA indicated that the appeal committee, formed by decision No. 1542 of 2019 to examine the appeals regarding candidacy procedures, will end its work within two weeks of the filing date of the last appeal. The committee will not examine any appeals submitted after five working days since notification of a committee’s decision.

Share This Article