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Court orders NFC to pay RO840,000 to ex-CEO

24 May 2021

National Finance Company (NFC) on Monday announced that the Appeal Court in Muscat has issued a judgement ordering the company to pay RO840,000 to its ex-CEO.

‘National Finance would like to disclose that subsequent to his resignation (as disclosed on October 2, 2018) the ex-CEO, Shahin Mohammed al Balushi filed a legal (labour case) action claiming compensation. The Primary Court issued a judgement on January 6, 2021 ordering the company to pay RO36,000,’ NFC said in a disclosure submitted to the Muscat Stock Exchange.

NFC further said, ‘The ex-CEO appealed and the Appeal Court issued a judgement on May 19, 2021 ordering the company to pay an amount of RO840,000.’

National Finance Company said it intends to challenge the above judgement before the Supreme Court as it ‘strongly believes that the judgement of the Appeal Court did not reflect the law, the internal policies and the contractual arrangements between the parties.’

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