In a recent development in Doha, Qatar, the Court of Appeal has handed down a ruling requiring a former CEO of a Qatari insurance company to reimburse the company’s coffers with a hefty sum of QR247,177,464. This decision marks a reversal of a previous ruling that had allowed the CEO to receive a 10% deduction from the company’s net profits as a bonus.

Following the initial disclosure on January 31, 2024, regarding a judicial decision, the Qatari insurance company has now issued an additional announcement regarding a new court ruling from the Court of Appeal.

This latest ruling upholds the invalidation of a previous decision granting the former CEO a 10% deduction from the company’s net profits. Consequently, he is directed to return specific amounts totaling QR247,177,464 – QR217,610,242 and QR29,567,222 – back to the company’s treasury.