A report by The Peninsula on 4 May 2024 mentioned that in a recent ruling, the Court of Appeal has ordered an ex-CEO of a Qatari insurance company to repay a total of QR 247,177,464 to the company's treasury.
As per the report, this decision comes after the annulment of a previous decision, allowing for a 10% deduction from net profits as a bonus in his favour. After the initial disclosure on 31 January 2024 concerning a judicial decision, the Qatari insurance company released a further announcement regarding a new court ruling from the Court of Appeal.
As per the report, this ruling affirmed the invalidity of a prior decision to allocate a 10% deduction of the net profits to the former CEO. The court ordered him to return the amount adding up to QR 247,177,464 to the company’s treasury.
Source and cover image credit: The Peninsula
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