British manager at Istithmar World given five year jail sentence

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.

Tags: british, Dubai, Dubai World, fraud, Istithmar World, sentenced, UAE

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3 Comments

Mohammed Saeed on November 5, 2009 10:02 am

finally UAE will recover from the white man complex especially Brits ….always given Privileges for doing nothing they drop school in the UK and arrive to Dubai, UAE offered senior position while there are lots of UAE nationals looking for a job !!!! i think this crisis will bring a change a positive change ….we never as a UAE National get to be treated the same in the UK and yet we treat them much more than they deserve!!!!
LEBANESE FREE PRESS on November 8, 2009 6:35 am

British think they can do what they like in the Arab countries and especially in Dubai .
Unfortunately , everyone in this planet knows how tempting sudden amounts of wealth springing up in your face can do , , and maybe this justice served by Dubai can wake them up and tell them that they are in an arab country and should respect its laws .
Papu Kangi on November 8, 2009 8:37 am

Well the lebanese should be next in line…ahemAUDahem