Abu Dhabi: An Abu Dhabi Court has sentenced the owners of two mutual funds to three to five years in jail and hit each with a Dh150,000 fine after they were found guilty of cheating and fraud.
"The Abu Dhabi Judicial Department [ADJD] is keen to make a quick decision regarding the mutual funds investment case following the Abu Dhabi court verdict," an official in ADJD told Gulf News on Monday.
He explained that the trial was initiated following public complaints against the accused.
"The Abu Dhabi Court issued its verdict applying the relevant law in such cases. As for the civil complaints they were transferred to the Civil Court which means people who invested their money with Kablan, Shindikawi and Allied Investors can sue them in the proper civil court to get back their money," he said.
"On the other hand the accused have the right to an appeal and the General Court has the right as well to appeal the verdict," he said.
In response to a question regarding how far the study of the case had gone, he said: "The issued verdict by the Cassation Court announces the end of this study initiated by the Abu Dhabi Judicial Department.
"Appeals take place through the appropriate circuits prior to a final irrevocable verdict.
"At this point the affected investors can file their complaints in the Civil Court based on this verdict. This study aims at protecting the public's money.
"The accused in this case were not licensed to perform this kind of activity," confirmed the official.
