Oman Fisheries Company, a subsidiary of Fisheries Development Oman (FDO) – part of Oman Investment Authority (OIA), has announced the filing of a lawsuit in a local commercial court against a number of former members of the company’s executive management.
The announcement came in a filing to the Muscat Stock Exchange (MSX) on Monday.
“Such legal proceedings were taken due to reasons relating to violations of the provisions of fair and legitimate competition and the provisions regulating the work of executive management disclosed in the Omani Commercial Companies Law as well as the Business Code of Conduct during the period of their employment,” said Haitham Mohammed Ali al Fannah, Chairman.
Oman Fisheries, a publicly-traded company, will seek financial compensation if successful in its lawsuit, the Chairman stated.
“Such procedures were required in order to preserve the interests of the shareholders, the company, as well as the rights of third parties,” he added.
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