Bank Alkhair has announced that the Bahrain Chamber of Dispute Resolution (BCDR) has passed a ruling dismissing a claim by Majid Badr Hashim Al-Refai, former managing director and CEO of the bank.

In the ruling, BCDR ordered Al-Refai to pay the related court fee pertaining to Court Case No 8/2010 filed by him against Bank Alkhair.

Al-Refai had sought a compensation of BD1 million ($2.66 million) from Bank Alkhair for his termination from the position of managing director and CEO of the bank in August 2010.

The board of directors of Bank Alkhair had terminated Al-Refai following an inspection report by CBB that uncovered numerous irregularities, said the bank in a statement.  – TradeArabia News Service