The Financial Services Authority (FSA) has issued Administrative Penalty Decision No. (38/2025) suspending Saud Al Zadjali Law Firm from contracting with public joint-stock companies for a period of one year.

This decision comes after the firm violated the provisions of Article (183) of the  Regulation for Public Joint Stock Companies issued under Decision No. 27/2021, in alignment with  Articles (43) and (177) of the Commercial Companies Law promulgated by the virtue of Royal Decree No. 18/2019. The violation relates to the firm’s review and certification of the minutes of the extraordinary general meeting of Sweets of Oman Company (SAOG) held on 5 January 2023, despite the procedures followed not complying with the applicable laws and regulations.

Under the decision, the boards of directors of public joint-stock companies must terminate any existing contracts with the firm and appoint another legal advisor from among the firms accredited by the FSA. The decision came in effect on 4 November 2025.

The FSA affirmed that this decision comes as part of its commitment to strengthening the principles of governance, transparency and integrity in the operations of public joint-stock companies, and to ensuring that law firms accredited by the FSA comply with the professional and regulatory requirements issued in this regard. This decision contributes to reinforcing confidence in the business environment in the Sultanate of Oman.