Oman Arab Bank issues statement on $15.6mln embezzlement case

Bank is continuing to follow up the case with the public prosecutor

Oman Arab Bank head office.

Oman Arab Bank head office.

OAB / Handout via Zawya
Oman Arab Bank has made a statement to Muscat Securities Exchange with regards to its disclosure on December 22 last year on the criminal complaint related to the existence of a suspicion of forgery and embezzlement of approximately of RO6 million

The bank said, in a statement, that that it has received the communication from the loss adjuster that the reinsurers have confirmed that the policy liability in principle for the amount mentioned above has been claimed."

The bank would also like to inform that it is continuing to follow up the case with the public prosecutor, in order to preserve the rights of the Bank and its shareholders, legally and financially.

On December 22,Oman Arab Bank (OAB) said that it has filed a criminal complaint with the Royal Oman Police (ROP) following the unearthing of a suspected case of forgery and embezzlement involving funds totalling around RO 6 million.

The publicly listed lender said in a filing to the Capital Market Authority (CMA) that investigations into the alleged theft of funds are also underway by the competent authorities.

“The Bank further advises that this occurrence will not have any impact on the Bank’s customers, and assures the public that the Bank’s internal committees are handling this matter with the utmost level of seriousness and professionalism to safeguard the interests of all parties dealing with the bank. In the interim, the Bank has notified the insurance companies and will pursue all options available to recover the amount,” the CEO Rashad al Musafir stated.

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