ABU DHABI // Five company officials accused of embezzling Dh423 million from an Islamic finance company have had the charges against them dropped on appeal after reaching agreement with the company.
In July 2009 the misdemeanours court sentenced Ali Hamel al Qubaisi and Abdullah al Qubaisi, former chairmen of the Islamic Finance Company, Aafaq, as well as three board members, Alwaleed al Mubarak, Eissa al Shamlan and Ghaith al Qubaisi, to between one and three years in jail.
However, their lawyers asked the appeal court to give them a chance to reconcile with the company and ministry of economy.
In October all sides appeared in front of the Appeals Court confirming that they had patched up their differences, and the complaint had been withdrawn. With that all charges were dropped.
This article has been updated. An earlier version of this story incorrectly stated that the charges related to Finance House.