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FRA decided to postpone the elections of Misr for Central Clearing, Depository and Registry (MCDR)

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Consultant / Reda Abdel-Moaty – FRA  Deputy Chairman stated  that regarding the invitation from Misr for Central Clearing, Depository and Registry (MCDR)  to hold the Ordinary General Assembly meeting on 30/7/2018 at Helnan Landmark Hotel to select the Chairman of the Company for a period of four years (2018-2022).

 And as on 28/7/2018, a judgment of (the Appeals Chamber) in the First Circuit of the Supreme Administrative Court was issued in Appeal No. 76644 – 64  which was issued by Mr. Mohamed Soliman Abdulsalam to suspend the execution of the contested judgment issued by  the Administrative Court  in case No. 46959 of  72 of its session  dated 30/6/2018 – including suspending  the implementation of the contested decision and decided to refer the appeal to the First Circuit of the Supreme Administrative Court  on 25/8/2018.

 Whereas, Mr. Ashraf Al-Dabaa has filed an objection regarding implementing the judgment of the Appeals Chamber of the Supreme Administrative Court referred to in No. 84169 of year 64, requesting the suspension of the judgment referred to.

 As Mr. Mohamed Abdulsalam also filed a (reversed) objection to implement the above-mentioned judgment no. 76644 of the year 64, requesting the implementation of the judgment issued by the Supreme Administrative Court (Appeals Chamber).

 Based on the above , FRA’s  Board decided to cancel (MCDR) General Assembly Meeting  which was  scheduled to be held tomorrow 30/7/2018 until studying the issue  and implementing  the implications of the judgments, objections and appeals referred to . The Managing Director and the Acting Chairman of Misr for Central Clearing, Depository and Registry (MCDR) shall be notified.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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