DUBAI // The Cassation Court today overturned one of two convictions against the British property developer Safi Qurashi who was accused of bouncing three cheques worth US$60 million in a deal to buy the Great Britain island in Nakheel's The World project.
The decision puts an end to the seven-year jail term Qurashi was serving for the conviction, but he will remain in prison as the court is still to decide on a separate case in which he was jailed for one year for issuing a dud cheque in July 2010. Qurashi has already served two and a half years in jail.
Qurashi said that he submitted the three cheques for the Great Britain island as security while the money transactions were completed but that before this happened the cheques were unlawfully cashed. When the cheques bounced, he was prosecuted and jailed.
No date for the other case was provided.