MUSCAT: Oman’s top banks including Sohar International and Ahli Bank on Monday disclosed millions of rials of exposure to Abou Nabil LLC, the flagship company from the centenarian Darvesh Group.
In a statement disclosed to Muscat Securities Market, Sohar International said it “has a legacy outstanding direct exposure to Abou Nabil LLC to an extent of OMR 10 million, equivalent to circa 0.28% of the Bank’s total assets.”
The bank also said it has an outstanding direct exposure to Technova LLC, an associate company of Abou Nabil LLC to an extent of OMR 3.921 million. “Accordingly, Bank’s aggregate exposure to the group as on December 31, 2020 aggregating OMR 13.921 million equivalent to circa 0.38% of the Bank’s total assets,” Sohar International said.
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Meanwhile, Ahli Bank in its disclosure said it ha extended credit facilities of OMR 3.711 million to Abou Nabil LLC and OMR 2.588 million to Gulf Star LLC, which is guaranteed by Abou Nabil LLC.
National Finance also said it has a total exposure of OMR 6.342 million to Darvish Group.
Sohar International in its statement said the bank is “exploring all the options and the measures for recovering its exposure, including enforcement of the charged securities and the partners guarantees.”
