OAB uncovers RO 6m embezzlement

MUSCAT, Dec 22 - Oman Arab Bank (OAB) revealed on Tuesday that it has filed a criminal complaint with the Royal Oman Police (ROP) following the unearthing of a suspected case of forgery and embezzlement involving funds totalling around RO 6 million. The publicly listed lender said in a filing to the Capital Market Authority (CMA) that investigations into the alleged theft of funds are also underway by the competent authorities. “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. In the interim, the Bank has notified the insurance companies and will pursue all options available to recover the amount,” OAB CEO Rashad al Musafir stated. In June, OAB completed its takeover of Alizz Bank (AIB) – one of the first fully-fledged Islamic banks in the Sultanate – to become the first lender delivering both conventional and Sharia-compliant Islamic banking services. The transaction was the first takeover to be regulated by the new Oman Public Takeover Regulations and involved AIB becoming a wholly-owned Islamic banking subsidiary of OAB, a de-listing of AIB from the Muscat Securities Market (MSM) and a subsequent listing of OAB on the MSM. Combined assets at the time soared to over $8.4 billion.