The Bahrain Chamber for Dispute Resolution (BCDR) has dismissed a claim against Islamic investment bank Bank Alkhair by its former managing director and chief executive Majid Al-Refai, who was seeking a one million dinar ($2.67 million) compensation for the termination of his services from the bank.

The ruling, issued earlier this month, called on Al-Refai to pay related court fees pertaining to the case, Bank Alkhair said in a statement. A representative for Al-Refai declined to comment on the ruling.

Bank Alkhair, which was formerly known as the Unicorn Investment Bank, had said in September 2011 that an investigation by consultancy Deloitte had concluded that Al-Refai had committed 58 criminal offences, including misappropriation of bank funds, while at the helm of the firm. Al-Refai left the firm in August 2010.

The former CEO had denied the allegations of financial crimes in another statement in September, saying that Deloitte, which had been appointed to investigate him, had an undisclosed “personal interest” in the probe. He did not say what the alleged conflict of interest was based on, and gave no detail of the evidence he said he had submitted.

Sources had told Reuters in August 2010 that Al-Refai left the company due to a dispute with its board over the strategic direction of the company. Meanwhile, Bank Alkhair has filed two civil cases against Al-Refai and two other former employees to retrieve allegedly misappropriated funds. The company has not provided details on how much money is involved. ALB

Shaheen Pasha is Middle East Regional Editor at ALB. Follow us on Twitter: @ALB_TheBrief.

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