Bahraini court postpones ruling against former CEO of Bank Alkhair.
The court deferred its ruling following Robert Little's first appearance in court yesterday, 4 June 2012, since the case was filed in February 2012, and has scheduled the next hearing to take place on the 26 June, 2012. Majid Al-Refai, the primary defendant in the Forgery of the Articles of Association case, has failed to attend any of the court hearings to date in relation to the case, contravening Bahrain's Criminal Procedures Law, and has been ordered for the second time to appear in front of Bahrain's High Criminal Court.
In October 2011, Bank Alkhair filed a criminal complaint with the General Prosecutor of Bahrain against Majid Al-Refai and Robert Little for forging the Bank's Articles of Association, granting Al-Refai the power to prevent the bank's shareholders from making any amendment to the Articles of Association that alters his authorities and privileges as the Chief Executive Officer.
A statement from Bank Alkhair said, "This provision, which is a clear violation of the Bahrain Companies Law as well as the Central Bank of Bahrain regulations, was not included in the copies of the Articles of Association provided to the bank's shareholders. Subsequent to the completion of its investigation, the General Prosecutor filed the Felony Forgery case with Bahrain's High Criminal Court.
"A number of rulings have been issued against the former Chief Executive Officer in Bank Alkhair's favor. In March 2012, the Bahrain Chamber of Dispute Resolution dismissed a claim by Majid Al-Refai for compensation of BHD 1 million for his termination from the position of Chief Executive Officer of the Bank. In May 2012, Bahrain's Supreme Fifth Civil Court also dismissed a claim brought by Al-Refai and three of his associates, requesting the nullification of the General Assembly's resolution, issued in October 2010, to remove Al-Refai from the Bank's Board of Directors.
"Majid Al-Refai is also currently on trial for committing 58 criminal offences during his tenure as the CEO of Bank Alkhair. The criminal offences mainly relate to personally appropriating and squandering bank funds and shredding and destroying over 8000 critical bank documents. The High Criminal Court is expected to issue its ruling on the criminal case against Al-Refai during the forthcoming hearing on the 26 June, 2012."
2012 CPI Financial. All rights reserved.
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|Date:||Jun 5, 2012|
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