The inability of an Omani investor to pay back his debts to local banks caused the share price index of the Muscat Stock Exchange to drop down to its lowest levels ever, reported Al-Hayat .
Market sources estimated the debts of Ali Rizha at 40-50 million Omani riyals ($120 million). The Omani businessman received the amount in the form of loans and warranties. The central bank is currently investigating why Rezha received such large loans and demanded that banks refrain from distributing dividends to stockholders for three to four years. — (menareport.com)
© 2001 Mena Report (www.menareport.com )