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Emirati jailed after expat business partner flees

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Emirati jailed after expat business partner flees

Al Ain - His partner managed to collect Dh54 million as 'investment' for a company

By Staff Report

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Published: Mon 30 May 2016, 4:17 PM

Last updated: Tue 31 May 2016, 9:17 AM

An Emirati businessman, who set up a general maintenance company and granted its power of attorney to an expatriate, has been jailed for failing to pay back Dh54 million the expat collected in investments. The expat fled the country after collecting the money from residents and companies.
According to a report carried in the Arabic daily Al Khaleej on Monday, the expatriate - who was not identified - managed to collect Dh54 million as investment for the company. He also managed to take Dh7 million worth of bank loans after forging the Emirati defendant's signature. He left the Emirati to face 90 cases - mostly financial ones.
According to the report, the Emirati businessman - who was also not identified - was not reckless, but blindly trusted his partner.
"The alleged swindler used the power of attorney to get a cheque book issued in the name of the company and persuaded a number of individuals and establishments to invest their money. He gave them post dated cheques as guarantee for protecting their investments," the report said.
The investors filed complaints against the Emirati. His lawyer succeeded in solving some of the claims amicably.
reporters@khaleejtimes.com


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