Company asked to pay former CEO RO400,000
A company has been asked by a primary court to pay its former CEO a compensation of over RO400,000.
The Oman and Emirates Investment Holding Company announced in August 2019 that its CEO Awad Mohammed Faraj Bamkhalef had resigned for personal reasons and its board of directors had accepted his resignation with effect from August 19, 2019.
The company, however, revealed in a disclosure to Muscat Securities Market on Tuesday that after submitting his resignation, the former CEO filed a lawsuit against the company demanding compensation for his unfair dismissal.
In the disclosure it said, ‘This has reference to the disclosure dated August 19, 2019 informing the resignation of our company’s former CEO, who filed a lawsuit against the company demanding compensation for his unfair dismissal. The case was deliberated during several sessions at the primary court and the judgement (issue on March 24, 2021) was received by the company on April 5, which asked to pay him RO417,874.501 as compensation.’
The company has appealed against the ruling.
‘We shall keep you updated on the progress of the case,’ it stated in its disclosure.