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Sunday, 26 June 2016

Ruling in bank chief term limits case expected today

Verdict in bank chief term limits case expected today: The Administrative Court, a division of the State Council (Maglis El Dowla), is expected to hand down a verdict of in a lawsuit filed by shareholders in private banks against Central Bank of Egypt Governor Tarek Amer and the office of the president of the republic over a March decision to set a nine-year term limit for bank CEOs, Al Borsa reported. The lawsuit was filed on the grounds that the imposition of term limits was an abuse of power and is unconstitutional.

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