Five found guilty of embezzling Dh423m from finance company

Two former chairmen and three board members of an Islamic finance company were sentenced to between one and three years in jail yesterday for embezzling Dh423 million (US$120m).

Ali Hamel al Qubaisi, a former chairman, was sentenced to three years by the Court of First Instance after he was found to have transferred money from the company’s accounts to another one in which he was the majority shareholder.

The second chairman, Abdullah al Qubaisi, was sentenced to two years while the three board members, Alwaleed al Mubarak, Eissa al Shamlan and Ghaith al Qubaisi, each received a one-year sentence.