Tourist sentenced to three years in jail for Rolex and passport theft


Salam Al Amir
  • English
  • Arabic

DUBAI // A British tourist who stole a compatriot’s Rolex watch worth Dh36,000 and his passport has been sentenced to three years in jail.

Dubai Criminal Court also fined D P, 29, Dh500 and ordered him to pay temporary compensation of Dh21,000 to the victim.

D P denied theft and trespassing last month and told judges he was drunk at the time of the incident.

“So why was his word taken against mine?” the defendant said.

Prosecutors said that the victim, British company manager T M, 45, had wanted to sell his watch and received a phone call from a friend in the UK, who informed him a man in Dubai was interested in buying it.

“He told me the buyer was a colleague of a friend of his who was living in Dubai, so he provided me with his contact number,” T M said.

On June 11, T M called the buyer and they agreed to meet him at his hotel.

They met at the reception “but the buyer told me he would rather check the watch in my room so we went there”, T M said.

They entered T M’s room on the 33rd floor, but soon after the buyer opened the door, D P came in behind them.

The victim said D P “was talking in a violent tone, was screaming at me and demanded I hand him the watch that I was wearing at the time”.

He said D P ordered him to unlock the safe in his room. He did so, and D P snatched his passport, the only item in the safe.

“He told me he would not give me back my passport unless I paid him £30,000 [Dh167,830]. Then he sprinkled some white powder on my table and told me it was drugs in case I thought of calling the police,” T M said.

The defendant sent T M a text message 10 minutes after he left demanding the payment, but T M’s friend arrived soon after and advised him to call police.

The defendant was arrested two days later after being tracked down through the licence plate of the car he drove to the hotel.

He will be deported after serving his jail term.

salamir@thenational.ae

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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

If you go

Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.

Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com

A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com

TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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The years Ramadan fell in May

1987

1954

1921

1888

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5