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Egypt PM's brother to vie for seat on MCDR's board of directors

PM's brother – Galal El-Ganzouri – runs for seat on board of directors of Misr for Central Clearing, Depository and Registry (MCDR), state press reports

Ahram Online, Tuesday 17 Jul 2012
MCDR
Misr for Central Clearing, Depository and Registry
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Galal El-Ganzouri, brother of Egyptian Prime Minister Kamal El-Ganzouri, is running for a seat on the board of directors of Misr for Central Clearing, Depository and Registry (MCDR), Al-Ahram's Arabic-language news website reported on Tuesday.

The elections, which will also see the selection of a new board chairman, are slated for Wednesday.

MCDR specialises in clearing and settlement transactions for securities traded on the stock market.

"El-Ganzouri served on the board of directors of Egypt's Capital Market Authority in the early 2000s and currently works at a brokerage firm," said Eissa Fathy, head of securities at the Cairo Federation of Commerce.

Fathy, who is himself vying for a seat on the board, denied recent rumours that El-Ganzouri was set to win the position thanks to his brother's exalted government position.  

"The outcome will depend entirely on the voting process among shareholders," he told Ahram Online. "It cannot be rigged."

Khaled Seiry Syam, former chairman of the Egyptian Stock Exchange, is also vying for a seat on MCDR's board. He, along with El-Ganzouri and Fathy, is among ten candidates competing for three vacant seats.

Founded in 1992, MCDR is held jointly by the Cairo and Alexandria Stock Exchange (35 per cent), certain authorised banks (50 per cent) and a handful of local brokerage firms (15 per cent).

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