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Bahrain court adjourns trial of ex-CEO of bank

Manama, June 13, 2012

Bahrain’s High Criminal Court has adjourned the money laundering case filed against Majid Al-Refai, former chief executive officer of Bank Alkhair, until the ruling session on July 8.

Al-Refai is accused of money laundering, fraud and illegally raising donations without prior licensing from Bahraini authorities, Bank Alkhair statement said.

Al-Refai has thus far failed to attend any of the court hearings in relation to the money laundering case, it said.

In January 2011, Bank Alkhair filed a criminal complaint against Al-Refai with Bahrain’s general prosecutor for unlawfully acquiring and laundering funds from one of the bank’s associate companies.

It alleged that Al-Refai instructed the bank’s associate to make a considerable donation to a 'fraudulent' charity, WMF Consulting Company, which he incorporated in Bahrain, bearing the same name of an established charitable foundation based in Geneva. The funds were later transferred from the company in Bahrain to Majid Al-Refai’s personal account, the bank said.

Following the review of the complaint, the general prosecutor of Bahrain issued a warrant for Majid Al-Refai’s arrest and transferred the case to the High Criminal Court of Bahrain, it said.

 




Tags: Al-Refai | Trial | Bank Alkhair | Bahrain High Court |

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