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Istithmar retail firm’s ex-CEO skips hearing in graft case

DUBAI — A British former CEO of a retail company belonging to Istithmar World and Dubai World did not attend the first hearing on the charges of embezzlement of Dh377,000 on Monday.

A 36-year-old Romanian woman manager of a jewellery firm also did not attend the hearing in the Court of First Instance to face the charge of criminal complicity in the case.

A third accused — 41-year-old Emirati businessman who owns an event organising firm — pleaded not guilty to criminal complicity.

The former CEO aged 54 is accused of embezzling Dh377,000 by abusing his public post. He allegedly claimed the money for holding a promotional fashion show through an event organising agency.

He is also accused of forging payment orders for the organising agency, which never organized the event. He submitted the forged document to the Finance Department of Istithmar. According to the prosecution, the manager claimed that the money was paid to the agency and he presented unauthentic invoice to avail of the money for his own benefit.

The two other defendants are charged with assisting him in the crimes.

Presiding Judge Hamad Abdel Latif Abdel Jawad adjourned the hearing to April 25 for the defence lawyer to prepare her arguments.

The woman lawyer told the court that the embezzled amount had been deposited at the court’s treasury for returning to the retail company — the complainant.

An Emirati director-general of the retail company told the prosecutor that the British defendant, in his post as the CEO of the company, requested to dispense a big sum of money to hold an exhibition of sport clothes and accessories in April 2005. “However, instead of handing the money over to the organizers, he embezzled it,” the Emirati said.

“Our finance manager contacted the agency and we were surprised to know that they were not paid for the event. When we summoned the British defendant, he claimed that the event had to be delayed.”

The defendant then claimed, the director said, that the event was organised for another firm. “He did not want to specify what happened to the allocated sum.”

They had to file a police complaint after the manager became evasive, he added.

A British development section manager in the retail company told the prosecutor that the main defendant was supposed to hold a fashion show but he did not.

He held a jewellery exhibition for another firm which did not have any connection with their firm. In his statement, he said the defendant was the friend of the firm’s Romanian agent. — mary@khaleejtimes.com