(MENAFN- Khaleej Times) The Ras Al Khaimah criminal court on Wednesday sentenced Khater Massaad, the former CEO of RAK Investment Authority, to 15 years in jail over fraud charges.
The suspect, along with others, has also been ordered to pay a hefty fine of Dh8 million.
The ruling is the third against the Massaad and other defendants who were all convicted of fraud charges
Judge Sameh Hamed Shaker, President of the Court, stated that Khater Massaad, alongside other suspects, "intentionally caused damages to the money and interests of the authority for which they work".
Khater Massaad fled the UAE in 2012 when allegations concerning fraud and embezzlement first surfaced.
Following extensive cross-border investigations, it became clear that Khater Massaad and other defendants have serious questions to answer regarding the $1.5 billion worth of misappropriated funds and the corrupt dealings that he had been involved in across the globe.
The Ras Al Khaimah criminal court had earlier convicted Massaad of embezzlement.
The Court, presided over by Judge Sameh Hamed Shaker, sentenced the two suspects, in absentia, to 15 years in prison and ordered them to repay $17.2 million that they embezzled from RAK Investment Authority.
Massad, Mikadze and another defendant George Janashia, had all been entrusted with maintaining and preserving the public interest.
However, they intentionally caused damages to the money and interests of the Ras Al Khaimah Investment Authority.
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