Ex-Qatar Insurance CEO Jailed 15 Years, Fined 374M Riyals for Bonus Fraud
A Qatari court has sentenced the former CEO of a prominent insurance company to 15 years in prison for unlawfully obtaining undeserved bonuses totaling 247 million Qatari riyals without the approval of the board of directors and the general assembly.
In addition to the prison sentence, the court ordered him to repay 315.72 million riyals and imposed a fine of 374.08 million riyals. The ruling also includes his removal from public office and deportation from Qatar upon completion or expiry of the prison term.
To get more updates, join us on WhatsApp
This judgment follows a Court of Appeal decision that invalidated a previous ruling allowing the former CEO a 10% deduction from net profits as a bonus.
The Court of Appeal emphasized the illegality of the bonus allocation and required full reimbursement of the illegally obtained amount, which was divided into two parts: 217.6 million and 29.5 million riyals. The company’s treasury is to be reimbursed accordingly.
Such stringent measures demonstrate Qatar’s judicial commitment to upholding corporate governance and penalizing fraudulent conduct at the highest levels of corporate leadership.
The ruling aligns with Qatari laws influenced by Shari’a principles and civil law, ensuring that unauthorized enrichment by executives is addressed decisively.
Further details about the defendant’s identity and the name of the insurance company remain undisclosed in public reports. However, the case sets a precedent for accountability in Qatar’s corporate sector and underscores the judiciary’s stance on corruption and financial misconduct.
READ MORE
- Sheikh Ali Hudhaify: Imams of the Haramain Series
- Saudi Riyal Exchange Rate Today: July 21, 2025
- Saudi Authority Shuts Down Two Warehouses for Repackaging Expired Children’s Food
- Air Arabia to Co-Pilot Saudi Budget Airline from Dammam
- Riyadh Municipality Takes Action against Illegal Housing in Villas, Buildings
