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British manager at Istithmar World given five year jail sentence
A senior manager at Istithmar World, part of government-owned Dubai World, was sentenced to five…
November 4, 2009 12:36 by kippreport
A senior manager at Istithmar World, part of government-owned Dubai World, was sentenced to five years in prison and order to pay AED10 million in fines after being found guilty of fraud in Dubai Criminal Court this week, reports The National.
CT, a British national, embezzled AED4.9 million while he worked at the investment firm. He bought stocks in the firm’s name from Newland brokerage, a British horse brokerage company, “which he is not entitled to do,” Abdel Wahid Abdel Rahman, a Dubai World board member, told prosecutors.
It was later revealed that CT is the managing director, and the owner of the brokerage company.
CT was hired to spearhead Istithmar’s risk assessment department and to implement processes to prevent fraud, Abdel Rahman said. However, “In 2008 God sent us an angel to alert us of the fraud taking place by the person entrusted to prevent it,” he added.
CT has two weeks to appeal the verdict.