Historic laundering case 'lacks evidence'

Dubai: A lawyer on Thursday argued that four executives have been undergoing prosecution for allegedly laundering £150 million (Dh891 million) for three years without substantial evidence.

"The authorities have failed to prove that the allegedly laundered amount was acquired from a crime since the litigation and prosecution processes started in August 2006. Until today, the Public Prosecution-assigned committee has failed to bring in any concrete evidence that the suspects laundered the £150 million," argued lawyer Eisa Bin Haidar, of Bin Haidar Group of Advocates and Legal Consultants in his defence before the Dubai Misdemeanours Court on Thursday.

The four executives, an Emirati employee, A.A., a British executive, O.Y., an Indian financial controller, M.J., and a Pakistani general manager, M.A., pleaded not guilty and strongly rejected the charge of laundering Dh891 million, an amount prosecutors describe as the largest in Dubai's history.

In his defence before Presiding Judge Abdul Majid Al Nezamy, Bin Haidar said: "Law enforcement procedures were carried out improperly and unlawfully against my clients, A.A., O.Y. and M.A. They were provisionally detained for three months, their properties, assets and bank accounts were frozen and their passports were seized since 2006 over baseless grounds& their rights have been breached."

The Public Prosecution charged the four defendants and seven companies with intentionally acquiring, possessing and transferring £150 million, which they allege was earned from conning the UK's Revenues and Customs Prosecution Office (RCPO) and the Netherlands Antilles authorities.

"Supposedly, the suspects acquired the money through a crime committed abroad& why haven't they faced trial in London!" said the lawyer.

Prosecutors charged the suspects with faking records which included a loan contract of $5 million (Dh18.4 million) and two digital transfer receipts. They were also charged with submitting fake documents to the UAE Central Bank. The seven companies were charged with aiding and abetting the money-laundering operations.

"The interrogations lasted nearly two years because this is the biggest money laundering case in the history of Dubai," said Essam Eisa Al Humaidan, Dubai Attorney General.

A verdict will be heard later this month.