14 March 2012
MUSCAT -- BankDhofar announced yesterday that the Appeals Court in Muscat has overruled an earlier verdict of the Enforcement Court attaching RO 26.1 million in funds from its account.
The latest ruling, issued on Monday, pertains to a lawsuit filed by Oman International Bank against Ali Redha al Lawati and his companies (Ali Redha Trading and Muttrah Holding) and BankDhofar. The Enforcement Court's order had earlier instructed BankDhofar to transfer an amount of RO 26.1 million to the Court's account. The case dates back to a dispute between OIB and Ali Redha Group, which purported to have owned and pledged 1,925,000 shares of BankDhofar in favour of OIB, a claim disputed by BankDhofar.
"The Appeals Court has considered the attachment as null and void," BankDhofar stated in a disclosure notification to the Capital Market Authority.
MUSCAT -- BankDhofar announced yesterday that the Appeals Court in Muscat has overruled an earlier verdict of the Enforcement Court attaching RO 26.1 million in funds from its account.
The latest ruling, issued on Monday, pertains to a lawsuit filed by Oman International Bank against Ali Redha al Lawati and his companies (Ali Redha Trading and Muttrah Holding) and BankDhofar. The Enforcement Court's order had earlier instructed BankDhofar to transfer an amount of RO 26.1 million to the Court's account. The case dates back to a dispute between OIB and Ali Redha Group, which purported to have owned and pledged 1,925,000 shares of BankDhofar in favour of OIB, a claim disputed by BankDhofar.
"The Appeals Court has considered the attachment as null and void," BankDhofar stated in a disclosure notification to the Capital Market Authority.
© Oman Daily Observer 2012
