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Sovereign Wealth Funds Briefing - Categorized | Trends

Small emirate in UAE accuses businessman of embezzling $1.5B

Posted on 02 August 2016

A small sheikhdom in the United Arab Emirates on Monday accused a businessman who once had ties to its ruler of stealing $1.5 billion while serving as the head of its local sovereign wealth fund.
The allegations against Khater Massaad, who also helped Ras al-Khaimah create a major, eponymous ceramics company, came in an unusually strongly worded dispatch carried by the UAE’s state-run WAM news agency………………………………………..Full Article: Source


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