The Qatar National Bank (QNB) issued a statement on Tuesday indicating that former Qatar Finance Minister Ali Shareef Al Emadi has been excluded from the bank’s board of directors. The decision came following the ex-minister’s arrest due to embezzlement allegations.
In a statement, it was expressed that “Qatar National Bank announced that the Qatar Investment Authority (QIA) has decided to withdraw the board membership of Mr. Ali Shareef Al Emadi as a representative of QIA on the Board of Directors of Qatar National Bank.”
Earlier this month, the Qatar Public Prosecutor issued an arrest warrant for Emadi. Emadi has been accused of embezzling, abusing power, and committing offenses related to the public sector. Following the arrest warrant, he was suspended from his ministerial duties and replaced by the Trade and Industry Minister, Ali bin Ahmed Al Kuwari.
Until now, no statement has been made by Emadi regarding the allegations against him. Alongside his ministerial duties, Emadi also had a seat in the country’s sovereign wealth fund board and the Qatar Investment Authority, which owns 50% of the shares of Qatar National Bank.
Following Emadi’s dismissal from the QNB board, the bank’s deputy chairman Sheikh Fahad bin Faisal Al Thani would assume the post until a new chairman is selected to the board, according to the statement.
Previously, Foreign Minister and QIA chairman Sheikh Mohammed bin Abdulrahman Al Thani stated that the investigation regarding Emadi covers his activities as finance minister and is not related to his duties at either the sovereign fund or the QNB.