Two Bahrain-based bankers were yesterday each jailed for 10 years by a Dubai court.
Charles Ridley and Ryan Cornelius have already spent 35 months behind bars on charges of defrauding Dubai Islamic Bank (DIB) out of $501 million loan. The Dubai court sentenced them along with three other accused and imposed a collective fine of $501m.
Fellow accused Arthur Fitzwilliam, who acted as a guarantor for the loan by putting up a $1.1 billion property portfolio to cover it, was released.
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