Four UAE authority officials fined Dh36 million

Ras Al Khaimah - Court also ordered the termination of their service.

The Ras Al Khaimah Criminal Court has sentenced four top officials of the RAK Investment Authority to 10 years in jail, and ordered them to pay a hefty fine of Dh36 million.
The court, after extensive hearing sessions, found the four defendants, who hail from different countries, guilty of embezzling Dh36 million. It also ordered termination of their service.
The court records show that the four officials, including former CEO of the RAK Investment Authority, and CEO of the Rakeen Georgia - property developer in the emirate, had sold some shares of Rakeen Georgia and bought the shares of another company in violation of law.
They embezzled a big amount of money, according to the audit review of the company financial statement.
Investigations showed that the newly bought shares did not belong to the RAK Investment Authority, while the money collected from the shares sold were transferred to a company owned by one of the four officials.
The court earlier found the accused guilty in other cases involving embezzlement of US$1.5billion, intentionally causing damages to the money and interests of the authority they used to work for, Ras Al Khaimah Investment Authority. The convicts were ordered to serve different jail terms.
A court in Tbilisi, Georgia, also convicted the officials of fraud and ordered them to give back a 951-hectare plot of land to the authority.
ahmedshaaban@khaleejtimes.com

• Ras Al Khaimah