Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

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Chairman of the Authority

Decision of the Chairman of the Financial Regulatory Authority

No. ( ) for the Year 2022 dated 11/9/2022 on the liquidation of Al-Motahida for General Insurance Company

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Chairman of the Financial Regulatory Authority

Having reviewed Law No. 10 of 1981 on the issuance of the Insurance Supervision and Control Law in Egypt and its executive regulations and amendments; and the Law on Joint Stock Companies, Limited Partnerships by Shares, Limited Liability Companies, and Single-Person Companies issued under Law No. (159) of 1981 and its executive regulations; and Law No. 10 of 2009 on regulating supervision over non-banking financial markets and instruments; and Financial Regulatory Authority Decision No. (343) issued on 14/4/2015 registering Al-Motahida for General Insurance Company in the register of insurance and reinsurance companies at the Authority; and Financial Regulatory Authority Decision No. (102) issued on 7/10/2019 cancelling the license equivalent to full activity for Al-Motahida for General Insurance Company and striking off its registration from the register of insurance and reinsurance companies at the Authority; and the memorandum prepared by the Central Administration for Supervision and Control of Insurance Companies on this matter. and the Board of Directors Decision No. (96) for 2022 in its session held on 31/8/2022.

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Decided

(Article 1)

The operations of Al-Motahida for General Insurance Company shall be liquidated in accordance with the rules stipulated in Board of Directors Decision No. (96) for 2022 in its session held on 31/8/2022.

(Article 2)

Dr. Ahmed Mostafa Shouky (Maraz - Mostafa Shouky Office for Accounting and Auditing) is appointed as liquidator of the company's operations, and he shall follow up on the publication of his name in the Commercial Register and the Companies Gazette.

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(Page 2)

(Article 3)

A three-member committee shall be formed to supervise and follow up on the liquidation operations, consisting of the following:

1. Advisor/ Raad Jaafar Al-Nafrawi
   Chairman
   Legal Advisor of the Egyptian Insurance Union

2. Mr./ Othman Shatah
   Member
   Independent Financial Advisor in the Insurance Sector

3. Mr./ Mohamed Zahrani
   Member
   Executive Director of Safar Insurance Group

(Article 4)

The liquidator shall first present to the committee all procedures he undertakes to complete the liquidation of the company's operations.

(Article 5)

The liquidator's remuneration is fixed at one hundred thousand Egyptian pounds (excluding value-added tax), in addition to other expenses related to concluding the liquidation procedures and documented with official approvals.

(Article 6)

The liquidation period shall be (six months) from the date of issuance of this decision, and this period may be extended for other periods with the approval of the Board of Directors of the Financial Regulatory Authority.

(Article 7)

This decision shall be published in the Al-Waqai' Al-Masriya (Egyptian Official Gazette), and on the Authority's electronic website, and shall be effective from the date of its issuance.

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Chairman of the Board of Directors
Dr. Mohamed Fared Saleh

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Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Telephone: +202 3545350
Fax: +202 35370036
WWW.FRA.GOV.EG

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ARAB REPUBLIC OF EGYPT
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
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