Alkhair wins key ruling against ex-CEO
Manama, October 9, 2013
The Bahrain Chamber of Dispute Resolution (BCDR) has issued a verdict in favour of Bank Alkahir against its former chief executive officer Majed Al-Refai and has also asked him to repay a $2 million loan he had taken during his tenure in the bank, a bank statement said.
Founded in 2004 and headquartered in Bahrain, Bank Alkhair is an Islamic wholesale bank, with an international presence in Saudi Arabia, Malaysia and Turkey.
The Bahraini bank said Al Refai faces 18 years in prison, huge fines and repayment of millions as cases to date are ruled in its favour.
The BCDR ordered Al-Refai to repay a $2 million loan he had taken during his tenure as CEO, which despite numerous requests remained unpaid, and to compensate the bank for all legal fees and costs, said the statement.
The latest ruling against Al Refai follows several other criminal cases involving Al Refai and associates which have all been ruled in favour of the bank, it said. - TradeArabia News Service
More Finance & Capital Market Stories
- Emaar proposes 15pc cash dividends
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch