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