Wednesday, July 06
05:38 PM

Oman Arab Bank updates MSX on RO6mn embezzlement case

6 Jul 2021

Oman Arab Bank (OAB) filed an update on Tuesday in relation to its earlier disclosure to the Muscat Stock Exchange (MSX) on December 22, 2020, on a criminal complaint related to a suspected forgery and embezzlement of approximately RO6mn. 

The bank said in a statement that ‘it has received communication from the loss adjuster that the reinsurers have confirmed that the policy liability in principle for the amount mentioned above has been claimed’.

OAB added, ‘The bank would also like to inform that it is continuing to follow up the case with the public prosecutor, in order to preserve the rights of the bank and its shareholders, legally and financially.’

OAB had notified MSX on December 22 that it had been hit by an embezzlement to the tune of RO6mn. The bank said it had filed a complaint with ROP, while reassuring its customers that ‘this occurrence will not have any impact on them’.

In a disclosure on MSX, 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 at Royal Oman Police for suspicion of forgery and embezzlement of approximately RO6,000,000.’


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