Friday 5 June 2009

4 executives, 7 companies deny charges of money-laundering

Four executives and seven companies on Thursday refuted charges of laundering £150 million (Dh891 million), an amount which prosecutors say would be the largest in the emirate's history.

The four suspects, an Emirati employee, A. A., a British executive, O. Y., an Indian financial controller, M. J., and a Pakistani general manager, M. A., pleaded not guilty and strongly dismissed the charges before the Dubai Misdemeanours Court.

"I am innocent ... I cannot understand how the public prosecution referred this case to court when the committee it assigned failed to prove that the seized money was earned from money laundering crime. The charges were based on assumptions and guesses," argued A. A. when he defended himself before Presiding Judge Abdul Majid Al Nezamy.

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