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Thursday, June 24, 2021

QNB removes former finance minister from board following arrest: report

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The former finance minister was arrested earlier this month over embezzlement charges and abuse of power.

Qatar National Bank [QNB] reportedly removed Qatar’s former Finance Minister Ali Shareef Al-Emadi from its board of directors on Tuesday following his arrest earlier this month over embezzlement allegations, Reuters reported.

“Qatar National Bank announced that the Qatar Investment Authority [QIA] has decided to withdraw the board membership from Mr. Ali Shareef Al-Emadi as a representative of QIA on the Board of Directors of Qatar National Bank,” the lender said in a bourse filing, as quoted by Reuters.

Al-Emadi served as QNB’s chief executive from 2007 to 2013 and worked to transform the institute into the region’s biggest lender. He later served as the bank’s board’s chairman  and sat on QIA’s board.

The former finance minister was arrested on May 6th and questioned over allegations of embezzlement, abuse of power and crimes related to the public sector.

He was later replaced as finance minister with Ali bin Ahmed Al-Kuwari, the current Minister of Trade and Industry, per an order by Qatar’s Amir Sheikh Tamim bin Hamad Al Thani.

Al-Emadi assumed his position as the finance minister a day after Sheikh Tamim became the leader of Qatar in June 2013.

Read also: Qatar’s amir replaces finance minister amid ongoing corruption probe

Shortly after his arrest, Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani said the probe is related to Al-Emadi’s position as finance minister and “not his board member roles at other entities”.

“There are no allegations related to his roles in any other entities. We are confident that our companies and entities are running the highest levels of corporate governance and we are conducting regular reviews and audits for the governance of our companies,” Sheikh Mohammed said at the time.

Until now, there are have been no official comments from the government on the ongoing probe and Al-Emadi has yet to be charged.


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