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Galfar MD resigns from board of directors

Resignation submitted after guilty verdict in corruption court case

NEWS, Business, Corruption, Court case, Galfar, Managing director

Galfar Engineering's managing director, Mohamed Ali, has resigned from its board of directors.

Ali was sentenced to three years in prison and fined OR600,000 ($1.56m)  by an Omani court as part of a corruption probe. 

Former business development manager, Abdullmajeed Nushad, was jailed for two years and ordered to pay OR200,000 ($519,000).

The resignation was submitted at a board meeting on Tuesday, the firm said in a Muscat bourse filing.

The construction firm said it has hired KPMG to conduct an internal review of the corruption episode and how it could improve its current compliance framework.

The verdict was the first in a trial process which involves more than 20 government officials and private executives from Oman's oil industry and related sectors, on trial on charges of offering or accepting bribes in exchange for contracts, mostly in infrastructure projects.

 

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Construction Week - Issue 754
Nov 23, 2019