The Oman Financial Services Authority (FSA) has appealed a primary court ruling that acquitted three board members of Sweets of Oman SAOG in a case concerning serious violations that reportedly caused financial harm to the company. The appeal was filed on 29 July 2025 against a ruling issued on 30 June 2025. While the court imposed a penalty on one board member and several executive management members, it acquitted others. The FSA argued that the acquittal conflicted with Article 18 of the Commercial Companies Law, which provides for joint liability of board members for company losses arising from mismanagement.
Oman Financial Services Authority 2025-08-09
Oman Financial Services Authority appeals court acquittal of Sweets of Oman board members in alleged mismanagement case
The Oman Financial Services Authority has appealed a court ruling that acquitted three board members of Sweets of Oman SAOG in a case involving serious violations. The FSA contends the acquittal conflicts with Article 18 of the Commercial Companies Law, which mandates joint liability for board members in cases of company losses due to mismanagement.