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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

OAB lauds verdict in embezzlement case

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MUSCAT, JULY 3


Oman Arab Bank (OAB) has welcomed the verdict issued by the Muscat Court of Appeal (Criminal Chamber) in relation to its criminal complaint stemming from the embezzlement of around RO 6 million in funds from the bank.


In a filing to the Capital Market Authority (CMA) on Sunday, the bank noted that the court, in its verdict dated June 28, 2022, had convicted all the accused individuals charged in the criminal case.


Referring to its disclosure to the CMA on December 22, 2020, OAB said it had filed a criminal complaint before the Department for Combatting Economic Crimes at Royal Oman Police on suspicion of forgery and embezzlement of approximately RO 6 million in bank funds.


Besides awarding prison terms and fines, the court also referred OAB’s civil claims to the civil court for consideration, the lender said.


It clarified however, that the bank had recovered the stolen amounts in question from the insurance companies as part of its insurance coverage. OAB noted that it reserves the right to file a civil case before the competent courts in coordination with the insurance companies and in line with the Muscat Court of Appeal's verdict.


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