UAE: Man sentenced to 10 years, his companies shut down for financial crimes – Gulf News

Abu Dhabi Criminal Court also confiscates Dh39 million from the firms’ bank accounts
Abu Dhabi: Abu Dhabi Federal Criminal Appeal Court has convicted an Arab national and sentenced him to 10 years imprisonment, followed by deportation.
The Court also convicted the two companies owned by the defendant on charges of sanctions evasion, forgery, and money laundering. Each company was subject to a fine of Dh500,000, in addition to confiscating the funds of both companies, amounting to Dh39 million in their seized bank accounts. Both companies were also closed down.
The sentencing results from cooperation between the UAE’s law enforcement authorities, the Central Bank and the Financial Intelligence Unit on the case.

Get Breaking News Alerts From Gulf News
We’ll send you latest news updates through the day. You can manage them any time by clicking on the notification icon.
Dear Reader,
This section is about Living in UAE and essential information you cannot live without.
Register to read and get full access to gulfnews.com
By clicking below to sign up, you’re agreeing to our Terms of Use and Privacy Policy
Forgot password


Leave a Reply

Your email address will not be published. Required fields are marked *