Ex-CEO of Bank Alkair ordered to pay fine
Manama, November 19, 2012
The former CEO and another employee of Bank Alkhair have been ordered to pay fines totaling $1.7 million by the Bahrain Chamber of Dispute Resolution (BCDR), the bank said.
In the verdict, issued yesterday (November 18), BCDR ordered Falah Nasser Hamad Al-Falah, a former employee of the bank, and its former chief executive, Majid Al-Refai to jointly and severally pay the bank approximately $1.7 million for misappropriation of bank funds and unauthorized activity during Al-Refai’s tenure as the chief executive officer of the bank, said a bank statement.
It said this is the fifth ruling to date issued against the former CEO by Bahrain’s courts and BCDR. – TradeArabia News Service
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