MedGulf seeks to file lawsuit against former executive

The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) has submitted a request to file a claim against a former executive of the company who held the positon of the chief executive and managing director, the insurer said in a bourse statement on Sunday, without naming the executive.

The company requests a refund of unlawful money obtained by the executive and a compensation for losses resulting from his actions.

The financial impact of the lawsuit cannot be determined at present. The company will take all necessary procedures to recover lost funds and protect the rights of its shareholders, the statement added.