Greater transparency of operations and levels of provisioning have been the bone of contention even among the Board, leading to the resignation of chairman Salim Macki, which was subsequently withdrawn on the advice of the Ministry of Commerce. Indirectly, the Oman Government has also been supporting Onic's rehabilitation - the Diwan of the Royal Court besides buying most of the ComBank stake has also entered into a strategic collaboration to run the company. An executive committee of government nominees, the Capital Market Authority and select representatives from the Board and management has also been formed to oversee operations. Despite the lack of funds, such a move could revive confidence says Moosa. Onic was also debating a 10 per cent buy back of its equity early this year, but how it works out a realistic share price needs to be seen.
Analysts predict two to three years considering that cleaning up is under way.
But a few industry watchers are sceptical about the process and think there's plenty left undone and lots more tightening up needed before the company recovers lost ground. The most comprehensive survey of executive salaries in the region. The latest ranking of the Gulf's best business cities, based on their economic weight and their importance as centres of international business.