Ex-bank boss's assets frozen by arbitrators

Manama, June 18, 2012

Bahrain's arbitration centre has frozen the assets of a former bank chief executive accused of forgery and money laundering, said a report.

The Bahrain Chamber of Dispute Resolution (BCDR) also imposed a travel ban on former Alkhair Bank CEO Magid Al Refai, it said in a statement it released yesterday (June 17).

Al Refai and Canadian lawyer Robert Little have been accused of forging the articles of association of the bank, which was formerly Unicorn Investment Bank, according to a report in our sister publication, the Gulf Daily News.

In October 2011, the bank filed a criminal complaint at the Public Prosecution against the men for forgery, which granted Al Refai power to prevent the bank's shareholders from making any amendment to the articles of association that alters his authority and privileges as chief executive.

Al Refai is also standing trial in Bahrain's court for committing 58 criminal offences during his tenure as chief executive, said the BCDR statement.

They include money-laundering, fraud and illegally raising donations without prior licensing from Bahrain authorities.

Bahrain's High Criminal Court earlier adjourned the money-laundering case for a verdict on July 8.

A Civil case was also filed by the bank against Mr Al Refai to recover losses incurred as a result of alleged misappropriation and squandering of bank funds and unauthorised activity as former CEO.

The case is still ongoing. – TradeArabia News Service

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