Tuesday, September 28
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OAB reports embezzlement of RO6mn

22 Dec 2020

Oman Arab Bank notified Muscat Securities Market (MSM) on Tuesday that it has been hit by an embezzlement to the tune of RO6mn. The bank has filed a complaint with Royal Oman Police, while reassuring its customers that ‘this occurrence will not have any impact on them’.

In a disclosure on MSM, the bank stated, ‘In furtherance to Article 291 and subsequent articles of Capital Market Executive Regulation issued by virtue of Capital Market Authority Decision No 1/2009 as amended, the bank hereby states that it has filed a criminal complaint before the Department for Combatting Economic Crimes at Royal Oman Police for suspicion of forgery and embezzlement of approximately RO6,000,000.’ 

The bank added that investigations by competent authorities are underway in order to undertake all necessary legal proceedings in accordance with applicable rules and regulations. ‘In compliance with the obligation of confidentiality in investigations, the bank keeps its disclosure to the herein and commits to disclose further information as investigations evolve,’ it stated.

‘The bank further advises that this occurrence will not have any impact on the bank’s customers, and assures the public that the bank’s internal committees are handling this matter with the utmost level of seriousness and professionalism to safeguard the interests of all parties dealing with the bank.’

The bank has notified insurance companies and will pursue all options available to recover the amount, it added. 

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