The stiffest jail term yet for corruption in the UAE has been handed down to an Istithmar World executive as part of the government's continuing corruption crackdown, UAE daily The National reported. The British national referred to as C.T. was jailed for five years and fined almost AED10m ($2.72m) for embezzling $1.34m
The defendant was found guilty on Tuesday of buying stocks for Istithmar from a UK brokerage firm which he owned. The newspaper reported that C.T. kept a portion of the funds. Istithmar is an investment company owned by Dubai World, the conglomerate. C.T. was head of the risk assessment department at Istithmar and had been tasked with combating and preventing fraud within the company, the paper reported.
"Our investigations revealed that C.T. transferred $1.3m to his account after the agreements were done," Abdel Wahid Abdel Rahman, a Dubai World board member was quoted as telling the court. "Furthermore, we found out that the company in the UK belonged to him and he
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