This Is Qatar - Ex-CEO of a Qatari Insurance Company Ordered to Repay QR247 Million by Court Ruling

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Ex-CEO of a Qatari Insurance Company Ordered to Repay QR247 Million by Court Ruling

Doha's Court of Appeal reversed a ruling, directing a former Qatari insurance CEO to repay QR247,177,464, prompting a company announcement.

Muneeb M, May 05, 2024

In a recent development in Doha, Qatar, the Court of Appeal has handed down a ruling requiring a former CEO of a Qatari insurance company to reimburse the company's coffers with a hefty sum of QR247,177,464. This decision marks a reversal of a previous ruling that had allowed the CEO to receive a 10% deduction from the company's net profits as a bonus.

Following the initial disclosure on January 31, 2024, regarding a judicial decision, the Qatari insurance company has now issued an additional announcement regarding a new court ruling from the Court of Appeal.

This latest ruling upholds the invalidation of a previous decision granting the former CEO a 10% deduction from the company's net profits. Consequently, he is directed to return specific amounts totaling QR247,177,464 – QR217,610,242 and QR29,567,222 – back to the company’s treasury.