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Two businessmen in UAE cleared of money laundering charges

Ahmed Shaaban /Ras Al Khaimah
Filed on November 13, 2019 | Last updated on November 13, 2019 at 06.26 pm
Two, businessmen, UAE, cleared, money laundering, charges, Asian businessmen, Central Bank, Ras Al Khaimah
The case unfolded when one of the local banks suspected the company run by the defendants of foul dealings.- Alamy Image

The bank said the expected turnover of the defendant's accounts was estimated at Dh50million.

The Ras Al Khaimah Misdemeanour Court of Appeal has upheld the verdict issued by the lower court to clear two Asian businessmen of money laundering charges.

As per court records, the case unfolded when one of the local banks suspected the company run by the defendants of foul dealings and reported the matter to the money laundering and suspicious cases unit of the Central Bank.

The bank said the expected turnover of the defendant's accounts was estimated at Dh50million, but it increased phenomenally. The bank explained that turnover of defendant's capital rose to Dh680 million. "That amount is not commensurate with the company's activity."

"The company apparently received Dh410 million from companies outside the country," the bank underlined.

The defence lawyer said that the lower court had cleared his clients for lack of evidence.

"There is no evidence of money laundering, and the reported amounts were nothing but legal investments, while the said money was legally transferred to the company's accounts."

He added that the case went through different stages of litigation, and the office of experts at the courts department, RAK, issued a report in favour of his clients before the ruling was pronounced and upheld by the Court of Appeal.

The RAK Misdemeanour Court, late in October, cleared a trader of concealing up to Dh285 million in one of the banks in the emirate over a period from 2013 to 2016.

The defendant proved to have made 20 bank transfers of the same amounts, but these all proved to be legal.

ahmedshanaban@khaleejtimes.com

author

Ahmed Shaaban

Originally from Egypt, I am a sound professional with a 23-year diverse experience as a researcher, lecturer, instructor, reporter, journalist, copy writer, translator, interpreter, proofreader, correspondent, and voice-over specialist with so many public and private entities in USA, UAE and Egypt. I have full command of all English and Arabic languages skills. I have a “Doctorate of Business Administration” degree, Swiss Business School. I have two Master’s degrees; one in Media Sciences, Mass Communication College, Cairo University, 2014, and one in Applied Business Research, Swiss Business School, 2018. I have a bachelor’s degree in English Language and Translation, Al-Alsun College for Languages & Translation, Ain Shams University, Egypt, 1996. I have three post graduate diplomas in Education, Curricula and Instruction, and Islamic Studies. I enjoy reading, writing and adventuring.


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