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Tue 2 Aug 2016 11:15 AM

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Ex-RAKIA chief faces further charges over $1.5bn embezzlement

Dr Khater Massaad convicted of causing “wilful loss to public funds and misfeasance in public office” in 2015

Ex-RAKIA chief faces further charges over $1.5bn embezzlement

The former chief of the Ras Al Khaimah Investment Authority (RAKIA) could face further charges in a $1.5 billion (AED5.5 billion) global embezzlement investigation.

Dr Khater Massaad, head of Star Industrial Holding, was convicted of causing “wilful loss to public funds and misfeasance in public office” in 2015.

He was found guilty in his absence of corruption and fraud by the UAE Criminal Courts.

After ended negotiations with the emirate’s government over the retrieval of the funds, he is now faces further criminal charges, according to state news agency WAM.

During his time as CEO of RAKIA, he stripped assets “for his own gain and that of his friends and family”, said WAM.

“Investigations have exposed Massaad’s corrupt conduct and dealings and demonstrate practices which have affected many countries including Bangladesh, the UAE, Nigeria, Switzerland, Georgia, and the DRC,” said the WAM report.

Massaad, who owns numerous passports including Lebanese and Swiss, fled the country as soon as questions arose concerning his business activities in 2012. He continues to operate global businesses including Forsan Ceramics in Saudi Arabia, Star Ceramics and Star Porcelain in Bangladesh and CDK Integrated Industries in Nigeria.

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