‘Egypt’s Madoff’ faces trial in UAE

Nabil al Boushi, an Egyptian businessman sentenced in absentia to 15 years in jail in his home country after he was convicted of fraud, will have to stand trial in Dubai before any thought can be given to his extradition, the Ministry of Justice said yesterday.

Al Boushi was sentenced on Wednesday by Cairo’s economic court for promising fake returns to investors that totalled US$62 million (Dh227.7 million) through his Optima Security Brokerage firm.

Dr Ali al Hossani, the acting undersecretary at the Ministry of Justice, said that while there was an extradition agreement between the UAE and Egypt, pending charges against al Boushi meant he would have to be tried here first.