in Regional News

BankDhofar Reporting First Half Loss Due to Legal Action

The period ending on June 30, 2011 was decidedly unfavorable as BankDhofar posted a loss of RO 4.55 million. This is an especially disappointing showing compared with last year’s gain of RO 17.73 million.

The Bank explained that the loss is related to the booking of RO 26.1 million as a result of a recently determined legal case.

“Although we have booked this loss in compliance with the relevant accounting standards, the Bank challenges the premise of this legal case and is exercising all legal actions to reclaim the amount and to protect the bank’s interests,” the bank stated in a disclosure notification to the Muscat Securities Market (MSM).

The bank has stated that it is taking every possible legal action to reclaim the funds in an effort to protect the Bank and its shareholder’s interests.

Did you like this? Share it: