The CBB may direct a licensee to remove an approved person from his office or employment under Paragraph MAE-5.3.23 on any of the following grounds, without giving the approved person an opportunity to be heard:

(a) The approved person is an undischarged bankrupt whether in Bahrain or elsewhere;
(b) The approved person has been convicted whether in Bahrain or elsewhere, of an offence:
(i) Involving fraud or dishonesty, or the conviction for which involved a finding that he had acted fraudulently or dishonestly; and
(ii) Punishable with imprisonment for a term of 3 months or more.
Added: April 2013