Two top executives sentenced to 15 years in jail for money laundering
04/02/2021
Two top executives sentenced to 15 years in jail for money laundering in Abu Dhabi. A Former chairman and a CEO of Government-owned company were also ordered to pay back Dh8b
The Abu Dhabi Criminal Court has sentenced two top executives to 15 years in jail on charges of money laundering.
Abu Dhabi: The Abu Dhabi Criminal Court has sentenced a former board chairman at an Abu Dhabi Government-owned company, and its CEO, to 15 years in prison for money laundering.
The Court, which has jurisdiction over money laundering and tax evasion, also ordered both defendants to pay a fine and return about Dh8 billion to the companies.
In a statement, the Court said the two defendants had taken advantage of their positions, to the detriment of public funds.
In addition to the prison term and fines, the Court ordered the seizure of the money laundering proceeds and property of equal value. The defendants must also pay Dh501,000 as temporary compensation to the two companies claiming civil rights. Once the prison sentence is served, the CEO will be deported upon Court orders.
According to Court records, the two defendants were involved in money laundering, misappropriation of public funds, forgery and use of forged documents, and deliberately transferring and concealing the real nature of the funds obtained. The defendants had misappropriated of funds, with the intention of concealing their origin, location, movement and rights, and injected these funds into false investment transactions with several companies.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.