Bank Dhofar, Oman's second biggest bank by market value, was up by 7 per cent after the Primary Court in Muscat ruled in its favour as part of a lawsuit filed by rival Oman International Bank and others.
The court overruled 'the previous judgment of the Enforcement Court that imposed an attachment on 26.1 million rials from Bank Dhofar account,' the lender said in a regulatory filing.
In late 2001, Ali Redha, a commodity trading company based in Oman, announced a default on a debt of 70m rials owed 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. OIB said in its lawsuit it was owed the equivalent of 1.93 million BankDhofar shares as a result of losses incurred in the transaction. BankDhofar said it had disputed the claim.
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