Ex-CEO loses case versus Bahrain's Bank Alkhair

Judge at Supreme Fifth Civil Court dismissed the case brought by Majid Al-Refai
Ex-CEO loses case versus Bahrain's Bank Alkhair
The judgement is the latest development in a series of legal cases following Al-Refais departure from the bank (image for illustrative purposes only).
By Reuters
Tue 01 May 2012 02:46 PM

The former CEO and founder of Bahrain's Bank Alkhair has lost a civil court claim in the kingdom which sought to strike down his dismissal by the bank, the latest round of a legal battle between the two parties.

A judge at Bahrain's Supreme Fifth Civil Court on Monday dismissed the case brought by a firm owned by Majid Al-Refai, as well as three associates, which aimed at nullifying an October 2010 decision by the bank's general assembly to remove him from the board, Bank Alkhair said in a statement.

Al-Refai left the Islamic bank, at the time named Unicorn Investment Bank, in August 2010 and a subsequent investigation conducted by consultancy Deloitte alleged he had committed 58 criminal offences, including misappropriating bank funds.

A spokesperson for Al-Refai was unavailable for comment.

The judgement is the latest development in a series of legal cases following Al-Refai's departure from the bank.

In March, Bahrain's Chamber for Dispute Resolution dismissed a compensation claim for BHD1m (US$2.65m), by Al-Refai in relation to his departure from the bank.

Bank Alkhair also said in September, when details of the Deloitte probe were published, it had filed two civil cases against Al-Refai and two other former employees to retrieve misappropriated funds, although it did not provide details on how much money was involved.

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