Dubai police to track down convicted submarine fraudster

SUBMARINE SCAM: Former head of Dubai World's submarine unit embezzled AED14m from the company. (Getty Images, for illustrative purposes only)

Dubai Police have said they will track down the former head of Dubai World’s submarine unit who was on Sunday sentenced to five years in jail for fraud.

Herve Jaubert, from France, is on the run outside the UAE. He fled the country after duping the company out of millions of dirhams, according to a report in Emirates Business.

He was convicted and fined AED14m at Dubai Criminal Court for exploiting his position as manager of the Exomos division to embezzle AED14m.

The court heard that HJP’s company Seahorse Submarines signed a contract with Dubai World to build two submarines and was paid AED1.8m upfront.

Dubai World set up Exomos and appointed HJP the manager after he arrived in Dubai to complete work on the submarines.

The court was told that the accused bought equipment worth AED11.8m for Exomos but the order did not arrive. The Frenchman was also said to have accepted a commission of AED1.4m from companies dealing with Dubai World.

When the submarines were delivered they were incomplete and faulty and could not be used.

HJP wrote to Dubai World and agreed to settle the matter by paying an initial AED3m, but he fled the country before handing over any money.

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READERS' COMMENTS

CEO - EXOMOS - To Mark Flap
Posted by gingerstone on Saturday 25 July 2009 at 16:21 UAE time


His name is Hervé Jaubert - French man - he is yet in USA and wrote a book "Escape from Dubaï" !!! You can find any details on google.

This just in:
Posted by Meow, DXB, UAE on Monday 29 June 2009 at 18:09 UAE time


CEO is across the sea... Interpol has him on their radar; will be waiting when he comes up for air.

We can work out his name...
Posted by Mark Flap on Monday 29 June 2009 at 16:19 UAE time


Given that you've printed his job title, company name, initials and nationality, you might as well have printed his full name - especially since he has already been found guilty and sentenced. It takes about 5 seconds to find his name on Google.

This just in:
Posted by Meow, DXB, UAE on Monday 29 June 2009 at 14:42 UAE time


Submarine company has gone under... investors hopes sunk... parent company torpedos expansion plans.

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