ABU DHABI // Four people who were found guilty of stealing about Dh500 million while working at a major financial services company have been granted 25 days to negotiate a settlement with the company.
They appeared before Abu Dhabi Court of Appeals yesterday more than a year after being found guilty of embezzlement and hurting the reputation of the securities market and its client. Two other members of the convicted gang are outside the country and were never arrested.
All six were convicted in 2009 by the Abu Dhabi Criminal Court of First Instance. They had orchestrated their thefts at Global Gate Financial Services, a provider of brokerage services for the Abu Dhabi and Dubai securities markets.
AT, a Palestinian, who served as the general director of the company, was guilty of making Dh142m for himself by using company money to buy and sell shares using clients' accounts.
He also laundered money in the transfer of Dh9m, obtained from his investment scheme, to a Swiss bank.
The company's head of operations, SA, from Jordan, forged and unlawfully cashed company cheques as well as illegally accessing the company's computer system, changing data and transferring about Dh60m in profits from one client to another.
AA, a finance chief from Jordan, took Dh57m from clients using power of attorney he had been given as part of his job. He also laundered money and transferred Dh4m to his wife's account in Jordan.
IMA, the head of trading, from Lebanon, embezzled Dh1.6 million by buying shares in his relatives' names using the company's money.
A client of the company, KA, from Syria, facilitated the crimes by opening an account there in her name, which AT used in for illicit trading.
AT was sentenced in February by the Abu Dhabi Criminal Court of First Instance to 11 years in prison and a Dh9m fine or its value in assets. SA was sentenced to eight years. AA was sentenced to six years.
The director's brother, who has not been arrested, was sentenced to three years in prison in his absence. KA was given a suspended one-year prison sentence. All the money they stole was seized.
In a statement, the company said it would file a civil lawsuit after the convictions. The company plans to demand Dh298m for funds belonging to it, Dh77m for funds belonging to shareholders, and Dh124m in other, private funds.
The guilty men yesterday asked the court to give them more time to negotiate a settlement with the company. The general director, the court heard, had tried to negotiate with the company before but was turned down.
The justices adjourned the case until January 30.
