The court imposed a fine and restitution of 8 billion dirhams

15 years imprisonment for a Chairman and CEO for money laundering

Abu Dhabi Criminal Court ruled to deport the second accused after the execution of the sentence.

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The Abu Dhabi Criminal Court has sentenced a former chairman of the board of directors of one of the companies and an executive head of the same company to 15 years in prison for committing money laundering crimes obtained by exploiting their job and damaging public money, and obliging them to pay a fine and return an amount of about eight billion dirhams to the two victims of the two companies, and confiscate Proceeds from the crime of laundering money and property equal to its value, and obligating them to pay 501 thousand dirhams as temporary compensation to the two companies claiming civil rights, with the second accused being deported from the state after the implementation of the punishment.

The facts of the case are obtained in the accused committing crimes of money laundering, damage to public money, forgery and use of documents, by deliberately diverting and concealing the truth of the funds obtained from the crime of willful harm to the interest of their workplace and unlawfully appropriating funds, with the intention of camouflaging their source, location, movement and rights related to them. They entered those funds in fake investment operations with several companies.

The case papers indicated that the money laundering crime was uncovered in the context of corruption cases in which the first and second accused were involved, while the investigations of the Public Prosecution in Abu Dhabi confirmed that the defendants exploited the names of the two victimized companies to enter into agreements with companies outside the country, with separate decisions from them depending on the powers And their functional powers, and this coincided with the conclusion of other parallel and identical agreements with the same external companies, but this time with companies in which they cloned the name of the company in which they work so that the actual dealings with the cloned companies would take place and benefit from what those agreements approved for themselves and leave the burdens and commitment they received on their shoulders. The original company, in order to reach their primary objective, which is to pour money from the agreements and contracts into the personal bank account of each of them.

Investigations revealed that the defendants had established several companies outside the country with the purpose of camouflaging and confusing both the original company and the companies that were created to deal behind the scenes for the hidden purpose of the accused and others, which is to seize funds, and then use accounts and other companies to divide and distribute that money to the participants in the commission. These crimes were then transferred to other accounts in order to conceal their illegal sources, committing the crime of money laundering.

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