MUSCAT : In a disclosure on Muscat Stock Exchange (MSX) Oman Sweets Company announced – through its liquidator Morrison Muscat Chartered Accountants – the details of the ruling issued in two related lawsuits: one filed by the Financial Services Authority and another by a shareholder against certain members of the Board of Directors and Executive Management of the company.

The court ordered the defendants to pay RO 5 million, along with associated legal expenses, as compensation. Any further claims beyond this amount were rejected.

The court also ruled that the procedures for dissolving and liquidating Sweets of Oman Company SAOG were invalid, declaring all actions taken since the date of liquidation null and void. The Ministry of Commerce, Industry and Investment Promotion, named as the third defendant, was ordered to restore the company to its pre-liquidation status. The first defendant was further obliged to bear the legal expenses related to this case.

“The court ruled that the procedures for dissolving and liquidating Oman Sweets Company SAOG are invalid, and that all actions taken since the date of liquidation are null and void and obliging the third defendant (the Ministry of Commerce, Industry and Investment Promotion) to restore the situation to what it was before the liquidation and obliging the first defendant to pay the expenses, and rejecting the requests therefor, in accordance with the reasons set out in the reasons,” the disclosure stated.

The company clarified that this is a preliminary ruling and confirmed that an appeal will be filed in accordance with the applicable laws and procedures.

“This letter comes in fulfilment of the duty to disclose the conclusions of the esteemed court in its judgment in the two commercial cases,” the disclosure concluded.

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