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Bank Dhofar told to pay $68m in OIB lawsuit

Muscat, June 27, 2011

Oman's Bank Dhofar has been ordered to pay 26.1 million rials ($67.8 million) into an enforcement court's account in a lawsuit filed by rival Oman International Bank (OIB), Bank Dhofar said on Monday.

The lawsuit related to a dispute between OIB and Ali Redha Group in which OIB alleged the group possessed 1.93 million Bank Dhofar shares which were pledged to the bank. Bank Dhofar said it had disputed the claim by OIB.

"We are assessing all legal options available for us to reclaim this amount back and to protect the bank's interests," Bank Dhofar said in a bourse statement.

In April, the bank said its chief executive Kris Babicci resigned and named general manager Mohammad Redha Jawad to the role of acting chief executive.      

Shares in Bank Dhofar fell 4.3 percent on the Muscat bourse in thin volumes. OIB shares rose 1.6 percent at 0805 GMT. - Reuters




Tags: Muscat | Bank Dhofar | Oman International Bank | OIB |

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