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Page added on November 4, 2009
Manager is jailed for fraud
A manager has been sentenced to five years in prison for stealing from his firm.
The man, who is British, was responsible for implementing measures at Istithmar World to protect it from fraud.
But Dubai Court of First Instance heard he stole $1,340,938 from the company.
“We recruited him as a manager to put regulations and measures in place to prevent the other managers and the employees from embezzling,” an official said in a statement at an earlier hearing. “We discovered that he had signed a document to transfer money to a company in the UK and then discovered that he owned 51 per cent of its shares.”
The man was also fined $1.3m and ordered to repay the amount stolen.
But he was sentenced in absentia as he is believed to have left the country.
Categorized | World News
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