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Wed 8 Jul 2009 07:26 AM

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Former Bahrain bankers jailed for $5m fraud

Two former Housing Bank staff are sentenced to a total of 15 years for fraud.

Two former bankers were convicted on Tuesday of fraud after they embezzled nearly BD2m ($5m) from Bahrain’s Housing Bank.

The pair stole cheques and loans and earned more than BD840,000 through the misappropriation of property, according to a report in the Gulf Daily News.

The Bahraini general manager, who masterminded the fraud between 1998 and 2002, was sentenced to 10 years in prison by the High Criminal Court.

His accomplice, a British former finance controller was sentenced to five years in jail. They were each fined BD334,372.

A third defendant, the bank's former accounts manager, a Bahraini, was cleared of all charges.

The three denied all charges and were not in court to hear the verdict, the paper reported.

The Briton will be deported once he has served his sentence.

The court heard how the general manager embezzled more than BD967,569 in cheques and loans, plus an additional BD840,877 through the misappropriation of property. The Briton personally embezzled BD55,262.

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