Galfar's internal audit chief retires
Firm says head of internal audit department to step down on 7 May
Galfar Engineering & Contracting, the Omani company whose founder and its business development manager were found guilty of bribing a public official in a corrpution court case earlier this year, has announced that the chief of its Internal Audit Department is set to retire.
In a brief statement posted on the Muscat Securities Market, CEO Dr Hans Erlings said that the chief of its internal audit department is to step down from 7 May, 2014.
Galfar's founder Dr P Mohamed Ali was convicted in January of bribing Jumar Al Hinai, a finance ministry official who also chaired the tenders committee at state-owned Petroleum Development Oman.
He was initially sentenced to three years in prison, which was extended to 15 years in March when five convictions were made, according to the Hindu Business Line. It also stated that he is currently on bail.
Ali has maintained his innocence, and has vowed to take his case to the court of appeal.
Following the initial conviction, Ali resigned from his role as a director of Galfar Engineering & Contracting and the firm announced that it had appointed KPMG to review and advise on the adequacy of its internal controls, including its whistle-blowing policy.
In a statement accompanying its annual accounts, the firm said that it was "fully aware of its responsibility towards all stakeholders".
At its annual general meeting last month, the company appointed a new board of directors which included Mr Ali's son, Eng. Mohiuddin Mohamed Ali.