Muscat – The Company informed its shareholders that a judgment was issued on June 26, 2024 by the Criminal Division of the Muscat Court of Appeal.

The judgment convicted the former CEO, several members of the previous executive management team, the former Chairman and members of the Board of Directors to pay Raysut Cement Company a total of RO 50,140,416.

The disclosure from the Company reads as follows: “In compliance with the disclosure requirements stipulated by the regulations and circulars of the Financial Services Authority, and further to the disclosure issued on October 16, 2023, regarding the criminal case filed against the former Board of Directors and executive management of the company for the period from 2018 to 2022, Raysut Cement Company SAOG wishes to inform its esteemed shareholders that on June 26, 2024, a judgment was issued by the Criminal Division of the Muscat Court of Appeal in criminal case no. (126/7600/2023).

“The judgment convicted the former CEO and several employees of the previous executive management of the company during the period from 2018 to 2022, as well as the former Chairman and members of the Board of Directors during the same period, of the charges brought against them.

“Various penalties were imposed on the convicted individuals, and they were ordered, jointly and severally, to pay the civil claimant (Raysut Cement Company SAOG) a total amount of OMR 50,140,416 (Fifty Million, One Hundred Forty Thousand, Four Hundred Sixteen Omani Rials).

“Execution of the said judgment will be initiated, and shareholders will be updated with any progress regarding this issue.”

The company stated it will initiate execution of the judgment and will keep shareholders updated on any further developments.