x Abu Dhabi, UAEMonday 24 July 2017

Convicted embezzlers have appeal adjourned

Five members of an Islamic finance company, convicted of embezzling nearly Dh423 million, ask for an extended delay before their next hearing.

ABU DHABI // Five members of an Islamic finance company, convicted of embezzling nearly Dh423 million (US$115m), yesterday asked for an extended delay before their next hearing before the Criminal Court of Appeal. The judge set the next hearing for August 18. The two former chairmen and three board members of the Islamic Finance Company were sentenced on June 27 to between one and three years in jail each.

The orginial trial heard that the company offered "risk free" investment and attracted a substantial number of backers. One former chairman, AQ, was convicted of transferring money from the company's accounts to those of another business in Dubai in which he is the majority shareholder. He was sentenced to three years. The other former chairman was sentenced to two years while the three board members were each jailed for a year.

They are accused of complicity in the activities of AQ, having knowingly given him a power of attorney that allowed him to transfer the money. myoussef@thenational.ae