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Forty-eight per cent of large business in the Middle East and North Africa (MENA) lack anti-corruption and compliance policies, according to a survey on fraud by accountancy firm Ernst & Young.
24 June 2015
A court in Muscat has sentenced the chief executive of Oman Oil Company to 23 years in jail for his part in a foreign bribery scheme. According to reports, Ahmad Al-Wahibi accepted a US$8 million bribe from Myung Jao Yoo, the vice CEO of Korean company LG International, which in return was awarded a multi-billion dollar petrochemical project in Sohar, Oman.
24 March 2015
Oman has convicted three individuals on corruption charges.
20 May 2014
The managing director of Oman’s national oil company, Petroleum Development Oman (PDO), warned contractors and their executives may be blacklisted if they fail to comply with the company’s anti-bribery and corruption controls.
10 April 2014
The oil industry corruption trials in Oman saw further convictions last week as a former executive of an engineering firm was handed a 15-year sentence for paying bribes to secure contracts with state-owned oil company Petroleum Development Oman.
10 March 2014
The CEO of government-owned Oman Oil Company (OOC) has been sentenced to 23 years in jail for bribery, money laundering and abuse of office. A Muscat court determined that a Caribbean-registered company owned by OOC chief executive Ahmad al-Wahaibi received US$8 million from his counterpart at South Korean company LGI, Myung Jao Yoo, after LGI won a bid for a billion rial petrochemical project.
28 February 2014
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