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Bahrain court rebuffs disgraced bank ex-CEO

Associated Press Published: May 1, 2012

MANAMA, Bahrain (AP) — A Bahrain-based bank says a court has rejected claims by its former CEO and founder that he was wrongfully dismissed from the board.

A probe of the bank turned up alleged widespread fraud.

A statement Tuesday by Bank Alkhair said a Bahrain civil court rejected Majid al-Refai's bid to nullify an October 2010 decision to remove him from the board.

The investigation, ordered by prosecutors, alleged 58 potential criminal offenses. They included misappropriating funds and destroying thousands of documents at the bank, which was then named Unicorn Investment Bank.

The inquiry was conducted by Deloitte accountants.

Bahraini authorities have issued an arrest warrant for al-Refai.

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