Galfar MD quits board after graft verdict
Muscat, January 15, 2014
Oman's Galfar Engineering has said that the managing director who was sentenced to prison by an Omani court as part of a corruption probe had resigned from its board of directors.
Galfar's managing director Mohammed Ali and a former business development manager Abdullmajeed Nushad were handed jail terms of three and two years and ordered to pay fines worth 600,000 rials ($1.56 million) and 200,000 rials respectively by an Omani court.
The verdict was the first in a trial process which involves more than 20 government officials and private executives from Oman's oil industry and related sectors, on trial on charges of offering or accepting bribes in exchange for contracts, mostly in infrastructure projects.
The resignation was submitted at a board meeting on Tuesday, the firm said in a Muscat bourse filing.
The construction firm said it hired KPMG to conduct an internal review of the corruption episode and how it could improve its current compliance framework. - Reuters