Court orders former CEO to repay illegal bonuses of over QR247 million
The Peninsula
Doha, Qatar: In a recent ruling, Court of Appeal has mandated that a former CEO of a Qatari insurance company repay the sum of QR247,177,464 to the co...
Doha, Qatar: In a recent ruling, Court of Appeal has mandated that a former CEO of a Qatari insurance company repay the sum of QR247,177,464 to the company's treasury. This decision comes in the wake of the annulment of a previous decision allowing for a 10% deduction from net profits as bonus in his favor.
Following its initial disclosure on January 31, 2024, concerning a judicial decision, the Qatari insurance company has released a further announcement regarding a new court ruling from the Court of Appeal.
This ruling affirmed the invalidity of a prior decision to allocate a 10% deduction of the net profits to the former CEO. Consequently, he is ordered to return amounts totaling QR 247,177,464, specifically QR 217,610,242 and QR 29,567,222, to the company’s treasury.
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