(MENAFN Press) Claim against Bank Alkhair by former MD dismissed
Bahrain Chamber for Dispute Resolution dismisses plea by Majid Badr Hashim Al-Refai
Bank's ex-chief charged on 58 criminal offences, international arrest warrant issued
Manama, March 11, 2012: Bank Alkhair (formerly Unicorn Investment Bank), a leading Islamic investment bank licensed by Central Bank of Bahrain, has announced that the Bahrain Chamber for Dispute Resolution (BCDR) has passed a ruling yesterday [March 4, 2012] dismissing a claim by Mr. Majid Badr Hashim Al-Refai, former Managing Director and CEO of the bank.
In the ruling, the BCDR has ordained Al-Refai to pay the related court fee pertaining to Court Case No. 8/2010 filed by him against Bank Alkhair. Mr. Al-Refai had sought a compensation of Bahraini Dinar 1 million from Bank Alkhair for his termination from the position of Managing Director and CEO of the bank in August 2010.
The Board of Directors of Bank Alkhair had terminated Mr. Al-Refai following an inspection report by Central Bank of Bahrain that uncovered numerous irregularities. The report led to a series of investigations by the bank and a probe conducted by an independent consultative assigned by Bahrain Public Prosecutor. The probe revealed that Mr. Al-Refai committed 58 criminal offences during his tenure as Chief Executive Officer.
Detailed investigation by Deloitte Corporate Finance Limited detects several financial and administrative violations which are potentially actionable under Bahrain Penal Code and Commercial Companies Law.
It is worth noting that an international arrest warrant has been issued against Mr. Al-Refai, who is being sought by Interpol based on a court order by the Fourth Criminal Court of Bahrain for mistrust, destruction of documents and forgery as per Criminal Case No. 70/8016/2011 filed by Bank Alkhair against Mr. Al-Refai.
About Bank Alkhair
Founded in 2004 and headquartered in Bahrain, Bank Alkhair is an Islamic wholesale bank licensed by the Central Bank of Bahrain, with an international presence in Saudi Arabia, Malaysia and Turkey. The bank is also a major shareholder in Burj Bank (formerly Dawood Islamic Bank), Pakistan. Bank Alkhair has completed several landmark transactions since its inception, including the establishment of t'azur, a regional Takaful company; the acquisition of Bahrain Financing Company, the oldest and one of the leading foreign exchange and remittance houses in the GCC; and the successful launch of the Strategic Acquisition Fund, a fund established to acquire strategic stake in commercial banks globally. More details on www.bankalkhair.com