Former Retailcorp official charged with fraud

A British executive of Retailcorp, a subsidiary of Istithmar World, which in turn is owned by Dubai World, allegedly stole Dh377,000 in payments.

The payments were to be made to an event management services company, Tanseeq.

According to the Dubai Prosecution, between April 30 and May 9, 2005, FCM, 54, an executive director of Retailcorp took Dh377,000 from Istithmar World by exploiting his position and claiming that Tanseeq would organise a promotional fashion show for a Retail Corp subsidiary.

The report accused him of forging an official document - a payment order - in favour of Tanseeq to the show for the Go Sport Company belonging to Retailcorp. He is also accused of submitting the forged document to the financial department of Istithmar World.

The prosecution also accused him of forging a bill that carried the letterhead of Tanseeq, requesting payment of amounts for organising the show.

RAT,36, a director from Romania, and MIAM, 41, an Emirati businessman, were accused of criminal complicity.

Ahmad Butti, 45, Emirati, CEO of Retailcorp, testified before the prosecution that the accused was the executive director of Retailcorp which retails garments and sports goods. “The accused has experience in this field and part of his job is to study offers and forward purchase orders to the financial department which endorses payments following my approval, being the CEO of the company.

"Payments are dispensed via bank transfers or cheques. The accused stole money from the company. He submitted payment orders for organising a promotional show and endorsed the amount. I knew from the financial controller of the Financial Department (Helen) that the show was never organised.

"I asked the controller of the financial department to call Tanseeq and appologise for not organising the show and for a refund of the amount.

"The company denied receiving any amount from Retailcorp. I called the accused for a meeting and confronted him with the facts. The accused started manipulating facts saying that he paid half of the amount and actually the show will be organised.

The accused is also being charged with using the funds to organise another show for a jewellery company with whom he has personal/professional relations not related to Retailcorp.

MIAM denied all the charges when appeared before the Court. FCM and RAT did not attend the hearing because the prosecution could not locate them.

Presiding Judge Hamad Abdullatif Abdul Jawad adjourned the case until April 25 to summon the other two defendants.

Comments

Comments