The Government of Ras Al Khaimah has warned that the former chief of its investment authority could face further charges in a US$1.5 billion embezzlement investigation.
Dr Khater Massaad, the former chief of the Ras Al Khaimah Investment Authority (Rakia), was last year convicted in his absence by a court in the emirate of causing “wilful loss to public funds and misfeasance in public office”.
It is understood that subsequent negotiations had taken place between Dr Massaad and the government of the emirate to recoup the funds allegedly misappropriated.
Those discussions have now ended, according to a statement issued by the Government of Ras Al Khaimah and published on Wam.
Dr Massaad, who became chief executive of Rakia in 2007, has links to several international companies including Beirut-based Star Industrial Holding, which was established in 2012. He is chairman of the company that describes itself as an industrial holding company investing in ceramics and sanitaryware.
In 2010 the Government of RAK started an investigation into the business dealings of Dr Massaad at the investment authority which culminated in a case being brought against him and two other defendants in the Ras Al Khaimah Criminal Court.
An official at Beirut-based Star Industrial Holding contacted on Monday had no immediate comment.
A source close to the RAK Government said information had been handed to authorities in the UAE, Switzerland and Georgia.
scronin@thenational.ae
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