In January 2011, Bank Alkhair filed a criminal complaint against Majid Al-Refai with Bahrain’s General Prosecutor for unlawfully acquiring and laundering funds from one of the Bank’s associate companies. Al-Refai instructed the Bank’s associate to make a considerable donation to a fraudulent charity, WMF Consulting Company W.L.L., which he incorporated in Bahrain, bearing the same name of an established charitable foundation based in Geneva. The funds were later transferred from the company in Bahrain to Majid Al-Refai’s personal account. Following the review of the complaint, the General Prosecutor of Bahrain issued a warrant for Majid Al-Refai’s arrest and transferred the case to the High Criminal Court of Bahrain.
Majid Al-Refai is also on trial for forging the Articles of Association of Bank Alkhair as well as committing 58 criminal offences during his tenure as Chief Executive Officer of the Bank. The criminal offences mainly relate to personally appropriating and squandering Bank funds and shredding and destroying over 8000 critical Bank documents. The High Criminal Court is expected to issue its ruling on the criminal case against Al-Refai during the forthcoming hearing on the 26th of June, 2012.
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