Muscat: The Financial Services Authority (FSA) has issued Administrative Penalty Decision No. (38/2025), suspending Saud Al Zadjali Law Firm from contracting with public joint-stock companies for a period of one year.
According to the FSA, the action follows the firm’s violation of Article (183) of the Regulation for Public Joint Stock Companies, issued under Decision No. 2021/27, and Articles (43) and (177) of the Commercial Companies Law promulgated by Royal Decree No. 18/2019.
The violation is linked to the firm’s review and certification of the minutes of the extraordinary general meeting of Sweets of Oman Company (SAOG) held on January 5, 2023, which reportedly did not comply with the applicable laws and regulations.
Under the decision, the boards of directors of public joint-stock companies are required to terminate any existing contracts with the firm and appoint alternative legal advisors accredited by the FSA. The decision took effect on November 4, 2025.
The FSA emphasized that the move reflects its commitment to governance, transparency, and integrity within the operations of public joint-stock companies. It further noted that the decision aims to ensure that law firms accredited by the authority adhere to professional and regulatory standards, reinforcing confidence in Oman’s business environment.
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