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Oman banks, financial institutions reveal over OMR 70 million exposure to beleaguered Darvesh Group

TAS News Service
January 26, 2021 10:30 am

MUSCAT: Oman’s top banks and financial institutions have so far disclosed over OMR 70 million exposure to troubled Darvesh Group.

Following a directive issued by the Muscat Securities Market, banks such as Sohar International, HSBC, Bank Muscat, Ahli Bank and Oman Arab Bank have revealed a total of close to OMR 56 million.

Meanwhile, financial institutions including National Finance, Tajeer Finance, Al Omaniya Financial Services and Muscat Finance have revealed a total amount of OMR 14.5 million.

Darvesh Group has a range of businesses in Oman including building materials firm Abou Nabil LLC, its associate Technovaa LLC, and Gulf Star Global LLC. It also has businesses in India and UAE. According to sources, more financial institutions are expected to announce exposure to the troubled Group.

Following banks disclosed exposure to Darvesh Group:
Sohar International — OMR 13.9 million
Ahli Bank — OMR 6.28 million
Bank Muscat — OMR 3.1 million
National Bank of Oman — OMR 6.6 million
HSBC — OMR 2.77 million
Oman Arab Bank — OMR 23.4

Following financial institutions confirms exposure
National Finance — OMR 6.3 million
Tajeer Finance — 1.6 million
Al Omaniya Financial Services — OMR 2.7 million
Muscat Finance — OMR 3.9 million

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