(MENAFN - Khaleej Times) The Fujairah Appeals Court upheld on Tuesday a ruling earlier passed down by the lower court exonerating a company manager accused of mortgaging 5 million in shares of the company he was entrusted to manage, in exchange for a loan he obtained from a bank.
The verdict was pronounced by counselor Abdullah Al Salami.
The case dates back to last year when the Fujairah Police were informed by the owner of the company operating in the emirate that the company manager, a European and identified as AH, had put up company stocks valued at 5 million to a local bank as a collateral against getting a loan amounting to 5 million. In view of such a complaint, the Fujairah police summoned the manager and questioned him, who denied the charge.
The manager was referred to the public prosecution and then to the criminal misdemeanors circuit of the Fujairah Court on charges of mortgaging the company stocks, yet the court cleared him of the charge raised against him.
Being discontented with the court ruling, the prosecution moved to the appellate court, but the court upheld the lower court's judgment acquitting the company manager of the charge.