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Qatar National Bank removes ex-finance minister from board after arrest

Former Finance Minister Ali Shareef Al-Emadi in the Qatari capital Doha, on 8 November 2015 [KARIM JAAFAR/AFP/Getty Images]
Former Finance Minister Ali Shareef Al-Emadi in the Qatari capital Doha, on 8 November 2015 [KARIM JAAFAR/AFP/Getty Images]

Qatar National Bank [QNB] announced yesterday that it has sacked the country's former Finance Minister Ali Shareef Al-Emadi from its board of directors following his arrest earlier this month over fraud allegations, Reuters reported.

"Qatar National Bank announced that the Qatar Investment Authority [QIA] has decided to withdraw the board membership from Mr. Ali Shareef Al-Emadi as a representative of QIA on the Board of Directors of Qatar National Bank," the lender said in a bourse filing, as quoted by Reuters.

Last March, Qatar ordered the arrest of Al-Emadi as part of an investigation into alleged misuse of public funds and abuse of power, and relieved him of his ministerial responsibilities.

Al-Emadi has served as finance minister since 2013.

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