27 June 2024
MUSCAT: Raysut Cement Company SAOG, the largest cement manufacturer in the Sultanate of Oman, has announced that its criminal suit against key former officials of the publicly traded company, has resulted in a number of convictions, as well as fines totaling in excess of a significant RO 50 million.
The announcement came in a filing to the Financial Services Authority (FSA) on June 26, 2024. The disclosure referenced an earlier filing on October 16, 2023, giving details about a criminal prosecution against the former CEO, members of the executive management, and Chairman and Board of Directors overseeing the company from 2018 to 2022.
In its ruling in case no. 126/7600/2023, the Criminal Division of the Muscat Court of Appeal found the accused guilty on a number of counts that brought to light serious violations of corporate governance and fiduciary obligation.
The guilty parties were given harsh punishments by the court. They were directed to pay a total of RO 50,140,416 to Raysut Cement Company SAOG, the civil claimant, jointly and severally.
The shareholders of Raysut Cement Company SAOG have been reassured that the judgement will be executed as soon as possible. The business pledges to notify all of its interested parties of any updates pertaining to this matter.
The latest judgement against Raysut Cement Company SAOG's former leadership marks a significant turning point in the company's history. It emphasises the need of accountability and the strict execution of corporate governance norms. Moving forward, Raysut Cement firm SAOG intends to strengthen its commitment to integrity and transparency, ensuring that such violations do not occur again and that the firm acts in the best interests of its shareholders and stakeholders.
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