Wednesday, 4 November 2009

Istithmar expat manager jailed for five years in Dubai

A British senior manager at the overseas investment arm of Dubai World has been jailed for embezzlement. A former senior manager at Istithmar World, the overseas investment arm of Dubai World, has been handed the longest prison sentence yet as part of a major crackdown on corruption.
The British manager, referred in court as CT, jailed for five years and ordered to pay almost AED10m ($2.7m) in fines after being found guilty of embezzling $1.34m, it was reported on Wednesday.
CT was accused of purchasing stocks for Istithmar from a British horse brokerage company that he owned, then pocketing a portion of the funds, UAE daily The National reported.
Judge El Saeed Bargouth ordered CT to repay the $1.3m and fined him the same amount. He further ordered that CT be dismissed from his position, the paper said
CT has two weeks to lodge an appeal. In the meantime he will be in custody at Al Awir Central Jail.
Meanwhile, appeals judges in the Sama Dubai fraud case were considering whether employees of state-funded companies could be tried as public officials.
If they rule that they can, it would leave the defendants in a number of corruption cases open to markedly heavier sentences if found guilty, the paper added.

1 comment:

  1. On Dubai Eye this evening they said that CT has absconded. If that is true then this sentence serves only as a benchmark for other upcoming cases.