By Mahmoud Salah
Cairo – Mubasher: The Egyptian Administrative Court rule against the central bank’s time limit on the tenures of CEOs, said Atef El Sherif, the former EGX chairman and founder of El Sherif Law Firm.
Earlier, the bank of Egypt (CBE) said private and public banks’ CEOs will have to step down after a continuous or separate nine-year term so as to inject new blood into the sector.
As a result, Atef El Sherif appealed against the decision on behalf of Shaaban Sayed Mohamed, a CIB shareholder.
Today, the court referred the substantive aspect to the State Commissioner’s Authority and charged the bank with the expenses, El Sherif told Mubasher in a phone call, highlighting that that the verdicts of the Administrative Court are binding.
Translated by Ahmed Elsayed Ali
