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Nazim Omara v Qatar Financial Centre Regulatory Authority

Regulatory Tribunal
Case No. 2 of 2011
Neutral Citation
[2022] QIC (RT) 1
Date
24 February 2022
Status
Keywords
Criminal Proceedings
QFC Financial Services Regulations
QFCRA General Rules
Service
Regulatory Tribunal
Judges
Sir William Blair
Laurence Li SC
Dr. Muna Al-Marzouqi
Summary

The Qatar Financial Centre Regulatory Tribunal issued a decision on an appeal by Nazim Omara against a 2011 decision by the Qatar Financial Centre Regulatory Authority (QFCRA), which imposed penalties on him following the failure of Al Mal Bank LLC, where he was CEO. The regulatory proceedings were stayed due to concurrent criminal charges, from which Omara was acquitted in July 2018. Despite his acquittal, QFCRA maintained allegations against him. Omara has not participated in the appeal, and his whereabouts are unknown. The Tribunal allowed substituted service and lifted the stay, requiring QFCRA to reassess its position in light of the criminal acquittals.

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Judges

  • Sir William Blair

    England

  • Laurence Li SC

    Hong Kong

  • Dr. Muna Al-Marzouqi

    Qatar

Judgment Content

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