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Rakia boss refutes $5bn embezzlement rumours

The chief executive of Ras Al Khaimah Investment Authority (Rakia) has denied reports that he had embezzled $5bn and fled the UAE to Britain, and said he's in the UK for an official Rakia business, Emirates 24-7 has reported. "These are mere rumours that have hurt my reputation…I have travelled to the UK on an official trip as part of my work with Rakia," Khater Massaad said. He also denied that he had been fired from Rakia, saying that his contract with the authority has expired and would not be extended.