Tuesday, 6 April 2010
Briton fights $501m Dubai bank fraud claim
A British defendant in Dubai’s biggest fraud case made an impassioned speech on Monday rejecting charges of defrauding $501m as a court heard final statements.
Charles Ridley, who along with six others is accused of defrauding Dubai Islamic Bank, quoted from the Koran as he implored the court to take into consideration a restructuring agreement he signed with the bank in August 2007 to reschedule loans of $501m (€370m, £330m), a legally binding document he said settled the charges and removed the potential for legal claims against the co-defendants.
Dubai’s prosecution claims that Mr Ridley, a Bahrain-based businessman who was arrested in 2008, and his partner Ryan Cornelius abused their positions as representatives of CCH, a trade finance company, by misusing funds lent to CCH by DIB and counterfeiting receipts of false deals.
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