Raysut Cement CEO resigns over legal troubles in India
Published: 02:08 PM,Aug 09,2022 | EDITED : 06:08 PM,Aug 09,2022
Raysut Cement, the largest cement producer in the Sultanate of Oman, has announced the resignation of its CEO with immediate effect.
The resignation, submitted on Tuesday, was approved by the company’s Board of Directors, it said in a filing to the Capital Market Authority (CMA).
The CMA filing comes in response to social media reports referencing the recent arrest of the CEO in India. Raysut Cement however stressed that the legal issue had “nothing to do with Raysut Cement”.
“(With) reference to the news spread on social media related to the custody of Raysut Cement Company SAOG Chief Executive Officer in India, we assure all the shareholders: The recent news circulating regarding the current CEO on social media has nothing to do with Raysut Cement Company SAOG or its subsidiaries and sister companies in any connection and does not affect the financial position of the company or its financial statements – as this case was before the joining of the present CEO in the company in December 2017,” it noted.
The company added that a new Omani CEO would be appointed during the meeting of the Board of Directors scheduled on August 10, 2022.
The resignation, submitted on Tuesday, was approved by the company’s Board of Directors, it said in a filing to the Capital Market Authority (CMA).
The CMA filing comes in response to social media reports referencing the recent arrest of the CEO in India. Raysut Cement however stressed that the legal issue had “nothing to do with Raysut Cement”.
“(With) reference to the news spread on social media related to the custody of Raysut Cement Company SAOG Chief Executive Officer in India, we assure all the shareholders: The recent news circulating regarding the current CEO on social media has nothing to do with Raysut Cement Company SAOG or its subsidiaries and sister companies in any connection and does not affect the financial position of the company or its financial statements – as this case was before the joining of the present CEO in the company in December 2017,” it noted.
The company added that a new Omani CEO would be appointed during the meeting of the Board of Directors scheduled on August 10, 2022.