MANAMA – Bahrain's High Criminal Court found Majid Bader Hashem Al-Refai, the former chief executive officer of Bank Alkhair (formerly Unicorn Investment Bank), guilty of money laundering, fraud, illegally soliciting donations without prior licensing from Bahraini authorities and transferring the funds to his personal account. In a statement issued Wednesday, Bank Alkhair said the high court sentenced Al-Refai to 5 years in prison and fined 40,000 Bahraini dinars. The ruling was issued in absentia as Al-Refai failed to attend any of the court hearings in relation to the case. In January 2011, Bank Alkhair filed a criminal complaint against Al-Refai with Bahrain's General Prosecutor for unlawfully acquiring and laundering funds from one of the bank's associate companies. – SG
