Dubai // A goldsmith pleaded guilty yesterday to stealing 600 grammes of raw gold from his employer and attempting to sell it to a fellow goldsmith.
MM, 25, took the gold - worth nearly Dh80,000 (US$21,000) at current market rates - from Fanja Jewellers in Jebel Ali. Police initially charged MM with petty theft, but prosecutors later elevated the charge to employee theft.
He faces a minimum of five years and a maximum of seven years in prison.
Prosecution records show that on August 9 MM contacted a man identified as HS and offered to sell him three pieces of raw gold, claiming to have received the gold from a friend. The other goldsmith informed Fanja's production manager.
Judge Fahmy Mounir Fahmy of the Dubai Criminal Court of First Instance set sentencing for October 11.
amustafa@thenational.ae
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Rating: 2.5/5
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Andor
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Sweet%20Tooth
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