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.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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