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Bahrain court rules in favour of Bank Alkhair

Manama, May 1, 2012

The Supreme Fifth Civil Court in Bahrain passed a judgment in the case filed by Majid Al Refai, former CEO of Bank Alkhair against the bank, dismissing the case and ruling that the bank should be compensated for all incurred legal fees and charges.

The case was filed by a number of shareholders associated with the former CEO Majid Al-Refai against Bank Alkhair, its chairman, the Central Bank of Bahrain and the Ministry of Industry & Commerce, at the civil court in October 2011, Bank Alkhair said in a statement.

The plaintiffs included a company owned by Majid Al-Refai (Quantum), Tariq Al-Refai, Bader Al-Refai and Abdulhamid Al-Sarraf, whom sought to nullify the General Assembly’s resolution dated October 17, 2010, based on which Al-Refai was terminated as a board member of the bank, the statement said.

According to the bank, the General Assembly’s resolution also included filing a claim of responsibility against Al-Refai for his criminal and civil violations which he committed during his tenure at the bank as a CEO and MD as well as undertaking all required legal procedures against Al-Refai.

Subsequently, the Bahrain Public Prosecutor assigned Deloitte to investigate Al-Refai’s administrative and criminal violations during his tenure as the CEO of the bank, the bank statement said.

Deloitte’s report revealed that Al-Refai committed 58 criminal offences, and the Public Prosecution filed a criminal case against him based on the report.

According to the bank statement, criminal investigations also revealed other violations committed by Al-Refai, which led to filing two other cases against him at the Bahrain High Criminal Court, while an arrest warrant has been issued by Interpol according to a request by the Bahraini authorities to arrest Majid Al Refai, whom failed to attend nine court hearings held in relation to the criminal cases filed against him. – TradeArabia News Service




Tags: Bahrain | board | General assembly | Al Refai | Bank Alkhair | Civil court |

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