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Five former senior officials of an islamic finance firm have been jailed after being found guilty of charges including breach of trust and the violation of the commercial law of the UAE and embezzling AED423m.
The Abu Dhabi Court of First Instance sentenced Ali Hamel Khadem Ghaith Al Ghaith Al Kubeissy, the ex-chairman of Islamic Finance Company to three years in jail, news agency WAM reported on Sunday.
Abdullah Saeed Abdullah Al Kubeissy was jailed for two years and board members Al Al Walid Bin Hamad Al Mubarak, Eissa Shamlan Eissa Al Shamlan and Ghaith Hamel bin Khadem Al Ghaith Al Kubeissy were sentenced to one year in jail each.
The court indicted them for "breach of trust, mis-assessment of shares with bad faith and violation of the commercial law of the UAE", it was reported.
Established in October 2006 with a paid up capital of AED1 Billion, the Islamic Finance Company's objective was to provide a comprehensive range of Islamic financial solutions as well as asset management services.
The court found Ali Hamel Khadem Ghaith Al Ghaith Al Kubeissy guilty of "wasting" AED423m in addition to other amounts.
He also misused the power of attorney granted to him illegally while the court also established that the accused did not record minutes of the board meetings in violation of the law, WAM reported.
The UAE ministry of economy had filed an official complaint against the five defendants, requesting that Dubai Public Prosecution conduct urgent investigations.