UAE | Crime
Suspected outlaw swindles $1.3m
A suspected British outlaw stands trial in absentia for misappropriating more than $1.3 million (about Dh4.95 million) by abusing his power as the former director of one of Dubai World's (DW) bodies and pocketing the money.
- By Bassam Za'za', Senior Reporter
- Published: 22:54 July 5, 2009
Dubai: A suspected British outlaw stands trial in absentia for misappropriating more than $1.3 million (about Dh4.95 million) by abusing his power as the former director of one of Dubai World's (DW) bodies and pocketing the money.
Records quoted one of DW's board members, an Emirati, claiming that the 45-year-old Briton, K.T., allegedly abused his power as the former director of the risk management department of one of DW's bodies and pocketed the amount.
The defendant, who is a fugitive according to records, failed to appear before the Dubai Court of First Instance yesterday when the presiding judge called his name to relay his charges.
The Public Prosecution charged the Briton with abusing his public job and misappropriating $1,340,938 from DW.
Lawyer Tayyiba Al Saffar, of Al Tamimi and Company Advocates and Legal Consultants, who represents DW in civil rights, asked the judge to adjourn the case until she pays the legal fees of the civil lawsuit which they've lodged against K.T.
DW's Emirati board member testified that the suspect was hired to prepare bylaws to prevent the staff from defrauding, embezzlement and misappropriation of DW's money.
"The management hired K.T. to set those bylaws against any risks which could hit any of DW's bodies or departments.
"In early 2008, we discovered that the suspect signed a deal with a brokerage firm which deals with the horses industry. He didn't have the authority to sign such a deal and which cost DW nearly £2 million. Following our investigations, we discovered that he owed the brokerage firm £250,000. We also discovered that he transferred $1.3 million to an England-based company and with which we didn't have any dealings& we also learnt that he owned 51 per cent of that company which he managed," claimed the Emirati in his statement.
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