Legal proceedings in a case of financial embezzlement by a British expatriate have been postponed to August 23 by the Dubai Criminal Court so that the accused, who is absconding, can be brought in.
The accused, CT, a British national, was a former manager in the Risk Department at Istithmar World, a subsidiary of Dubai World. Emirates Business has learnt that he is accused of embezzling Dh4.8 million from the firm and has left the country.
CT had been recruited to prepare rules and regulations for preventing fraud in the company.
In January 2008 when AA, a member of the board of Istithmar's parent company, Dubai World, discovered that CT had signed an agreement on the company's behalf with Newland Brokers to buy shares in a firm that specialised in the care of horses, even though Istithmar had no involvement in horses. The accused allegedly signed a commitment to pay Dh12m for the shares. AA told the Public Prosecution that CT owed £250,000 (Dh1.5m) to Newland Brokers and had wired $1.3m (Dh4.7m) to a UK-based company named Barclay that Istithmar had no dealings with.
AA testified that the accused owned at least 51 per cent of Barclay.
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