Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE - Eight jailed and fined for Dh16 million embezzlement  Join our daily free Newsletter

MENAFN - Khaleej Times - 06/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Eight other Emirates Transport employees, including five Indians, one Sudanese and two Pakistanis, were also charged with being an accessory to the crime.



Emirates Transport employees falsified electronic data pertaining to the tyres in the company's system



A software programmer and a purchase coordinator, who were both employed with Emirates Transport, have been sentenced to five years in prison each for embezzling tyres worth more than Dh16 million



The two accused, who are Pakistani nationals, T.M. and M.E., aged 36 and 55, are also accused in the Court of First Instance of falsifying electronic data pertaining to the tyres in the company's electronic system



Eight other Emirates Transport employees, including five Indians, one Sudanese and two Pakistanis, were also charged in court with being an accessory to the crime



Of these eight, six were convicted, while two were cleared of all charges



These accused held positions such as manager assistant, warehouse keeper and PRO, as per court records



The six convicts were ordered to pay fines ranging from Dh895,000 to Dh3.8 million and repay the amounts they were charged with embezzling



All accused are described as public employees in the prosecution charge sheet



T.M. was ordered to pay a Dh415,000 fine and repay the embezzled amount to Emirates Transport



The court ordered that all the convicted defendants be deported after serving their prison time



A legal consultant told the investigating prosecutor that the embezzlement was discovered after the software programmer logged on to the company's electronic system to falsify the data pertaining to spare parts



"The Information Department kept him under close watch and it was learnt that the company's financial discrepancies were caused due to what the programmer was doing.



The defendant was not entitled to log on to the warehouse software, the consultant said



The verdict is subject to appeal within 15 days

 


Khaleej Times




  MENA News Headlines
 Mar 4 2015 - Egypt eyes foreign investmentsMENAFN
(MENAFN) Egypt's economic conference raised expectations about improving investments opportunities in the country as well as among foreign business communities, The National reported.However, the ...

 Mar 4 2015 - ME carriers register 11.4 percent passenger growth in JanuaryMENAFN
(MENAFN) An increasing number of passengers are continuing to choose Middle East carriers for international travel, according to January figures from International Air Transport Association (IATA), ...

 Mar 4 2015 - UAE's Sanad portfolio value to reach USD1.5b by 2020MENAFN
(MENAFN) Sanad Aero Aolutions (Sanad), Mubadala's spare engine and component leasing and financing company, plans to increase its portfolio value to more than USD1.5 billion by 2020, up from over ...

 Mar 4 2015 - EU shares near 7-year highs as German retail sales jumpKhaleej Times
(MENAFN - Khaleej Times) The gains follow a rise in Asia and another record day on the Wall Street . US stocks futures pointed to a flat start.Eurozone government bond yields were slightly higher but ...

 Mar 4 2015 - UAE-based enterprises key target for seven global trade shows in Hong KongKhaleej Times
(MENAFN - Khaleej Times) The Hong Kong Trade Development Council, or HKTDC, the international representative organisation for Hong Kong-based manufacturers, traders and service providers, announced ...

 Mar 4 2015 - Moody's Investor Service upgrades Emaar's outlookKhaleej Times
(MENAFN - Khaleej Times) Emaar's strong cash flow generation, solid liquidity and growing business diversification will enable it to weather the more uncertain investment climate, Moody's Investor ...

 Mar 4 2015 - Israeli Navy Shoots Palestinian Fishing BoatsQatar News Agency
(MENAFN - QNA) Israeli navy opened fire at Palestinian fishing boats sailing off al-Sudaniya shore, in the northern Gaza Strip. Palestinian security sources said that the Israeli navy roaming the ...

 Mar 4 2015 - Dubai Int'l Boat Show sees more than 26,000 visitorsKhaleej Times
(MENAFN - Khaleej Times) The 23rd edition of the Dubai International Boat Show opened on Tuesday and is expected to draw more than 26,000 visitors from over 120 countries including High Net Worth ...

 Mar 4 2015 - Middle East and Africa private wealth set to hit $7.2t by 2018Khaleej Times
(MENAFN - Khaleej Times) With private wealth in the Middle East and Africa projected to reach $7.2 trillion by 2018, Dubai International Financial Centre is well positioned with its laws and ...

 Mar 4 2015 - Luxembourg seeks to bolster ties with UAEKhaleej Times
(MENAFN - Khaleej Times) Luxembourg, which is home to assets under management to the tune of more than ‚¬3000 billion, seeks to boost collaboration with the UAE in financial services, in particular ...

more...


 






Google

Internatinal Property Show

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help