Former AIH CEO ordered to repay R354 million in South Africa — TimesLIVE
In South Africa, an arbitration tribunal ordered Hussun Abdul Khaleq Omar, the former director and chief executive officer of investment group Amaanat Investment Holdings, to repay the company R354.84 million. Retired judge Ashley Binns-Ward, who acted as arbitrator, found Omar personally liable for the unauthorized use of the group’s funds.
As TimesLIVE reports, the decision was issued as part of a civil claim by AIH, which the parties agreed to refer to arbitration. The arbitration award became public after being filed in a related civil case in the Durban High Court.
Arbitration findings
In the 103-page ruling, Binns-Ward stated that AIH had proven its claims against Omar. According to the arbitrator’s findings, he used funds without authorization and committed theft in the civil-law sense.
The arbitrator also considered testimony that Omar allegedly admitted to AIH lawyer M. S. Omar, his cousin, that he had removed about R40 million without the authorization of the board of directors and shareholders. According to this testimony, he offered to repay the funds.
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During the arbitration, Omar claimed that the money had been paid for the services of accounting firm Kreston KwaZulu-Natal on the basis of invoices. However, the arbitrator noted that these invoices showed signs of possible fabrication, and Omar did not testify in the proceedings. Experts for both sides agreed that R646 million was transferred from AIH to Kreston between 2013 and 2021.
Criminal case and appeal
In July, Omar appeared for the first time in the Durban Magistrate’s Court in a case in which he faces 22 counts of fraud or, alternatively, theft, as well as 12 counts of money laundering. According to investigators, he spent more than R29 million on the purchase of luxury real estate in Cape Town and Houghton, a Porsche car, and precious metals.
During the hearing on bail, which was set at R200,000, Omar denied the allegations. His next court appearance is scheduled for October.
The arbitrator also ruled that Omar must pay AIH’s costs on a punitive scale, including expert costs. Claims against other entities, including Kreston, were dismissed, but Rapid River and FHO Trust were ordered to be liable jointly with Omar in episodes determined by the arbitration. Until October, Omar may file a notice of intention to appeal the decision; under the arbitration agreement, it will be heard by three retired judges.
