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Dubai executive gets 5-year jail term
- United Arab Emirates: Wednesday, November 04 - 2009 at 15:27
A former senior executive at Istithmar World, the international investment arm of Dubai World, has been given the longest prison term yet in the emirate's major crackdown on corruption, the National has reported. The British manager, referred to only as CT in court, was jailed for five years and ordered to pay almost Dhs10m ($2.7m) in fines after being found guilty of embezzling $1.34m. was accused of purchasing stocks for Istithmar from a British horse brokerage company that he owned, then pocketing a portion of the funds, the paper said.
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StaffWednesday, November 04 - 2009 at 15:27 UAE local time (GMT+4)
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