BankDhofar, Oman's second-largest bank by market value, has been ordered to pay 26.1 million Omani rials as part of a lawsuit filed by rival Oman International Bank (OIB).
The suit related to a complex dispute between OIB and Ali Redha Trading Group.
In late 2001, Ali Redha, a commodity trading company based in Oman, announced a default on a debt of 70m rialsowed to local and international banks. Majan International Bank was one of the affected lenders and was forced to merge with BankDhofar. Majan's chairman was among the shareholders of Ali Redha.
No comments:
Post a Comment