CEO says fraudsters cannot escape the law by running away

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        'caption' => 'Mr. Abdul Aziz Al Ghurair (CEO of Mashreqbank).',
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Mashreqbank has now successfully recovered more than 25 per cent of the money owed to the bank when Patel absconded.

An undercover operation has unearthed a money-trail involving over 10 different offshore companies registered in the Cayman Islands, Isle of Man, British Virgin Islands and other offshore havens which were used as fronts to try and hide assets. Trusts and funds were also employed to try and camouflage the whereabouts of the money.

Further investigation revealed physical and financial assets owned by these paper companies located in Europe, mainly in the UK.

Through relentless UK court proceedings the bank has been able to obtain sales decrees for various properties and other assets. In some cases, company ownerships have been taken over and their assets sold through specially created Special Purpose Vehicles (SPVs).

The bank also discovered that Patel had collaborated with various European shipping, freight forwarding and clearing agents to produce bogus documentation and is in the process of recovering assets from these sources as well.

Abdul Aziz Al Ghurair, CEO of Mashreqbank, said the bank will be relentless in its legal pursuit. 'Our investigations and court actions against Patel and his cronies will be pursued to the bitter end to send a clear message that fraudulent operators cannot escape their liabilities in the UAE simply by fleeing the country. In the long term this is equally as important to us as recovering our shareholders' funds as it benefits the whole UAE business community.'

'Nowadays there are no such things as 'safe havens' for hiding assets. International cooperation aimed at eradicating money laundering has made them a thing of the past. Although the legal process for recovering dues can be slow, it is just, and we will not stop until every dirham is accounted for,' said Al Ghurair.

When Patel absconded in 1999 Mashreqbank instigated a global asset search in order to uncover his convoluted money trail. This resulted in identifying several offshore companies that had been established for the sole purpose of 're-routing' funds, as well as specific assets.

'The protracted process is both expensive and time consuming, but I am pleased that our firm stance and determination to pursue this case is now yielding positive results,' Al Ghurair added.

Mr. Al Ghurair also pointed out that this recovery was not just a victory for Mashreqbank but also for the UAE banking industry, including the UAE Central Bank and efficient regulatory bodies like the Dubai Police.

'This is clearly a core strength for any growing economy. We wish to thank the Government for all the support and co-operation they have extended to us,' he said.

Additional debts recovered will be reported in the Bank's current Annual Results, concluded Abdul Aziz Al Ghurair.