Bank Dhofar reports erroneous refund to Investors  

Muscat: Bank Dhofar reported that the bank accounts of certain investors who subscribed to Abraaj IPO got credited with excess refund amount post allotment of shares.

This happened due to a technical glitch while processing the refund request on March 12.

The issue was immediately identified and the excess amounts paid to the customers of different banks were secured by the respective banks. Some customers withdrew the funds which were erroneously credited to their accounts.

"Further recoveries were made on March 13 from the customers and currently, we have an outstanding amount of approximately RO 700,000, which needs to be recovered. We are working closely with the respective banks and we are confident that we should be in a position to recover all outstanding amounts due to the Bank. We request Investors who have withdrawn the amounts that are not due to them, return the same to their respective banks. We regret the inconvenience caused to the investors and the banks whose customers were refunded erroneously and wish to assure the Investing public that we are doing everything possible to ensure this matter is concluded satisfactorily," the bank said.