To: All Banks

Subject: Execution of Decision Given by the Authority for the Settlement of Commercial Disputes

With reference to the above-mentioned subject and Article 88 of Oman Sultani Decree No. 73/1990 relating to the procedures to be followed by ASCD in adjudicating upon cases presented to it. The above article reads as follows:-

• “The prosecutor has the right to ask for a seizure of the defendant’s tangibles and monies or debts owed to him by other parties whether such debts are postponed or assigned under lien”.

CBO has clarified from ASCD application of the above provisions with regard to funds and other securities such as real estate held by defendants with banks against facilities granted to them. The ASCD’s reply is as follows:-

• “We would like to inform you that ASCD decisions relating to seizure of defendant’s funds and other chattels depend on the nature of conflicts. In addition, whilst executing decisions, legally established rights of banks to funds and properties of defendants are not jeopardized”.