Ras Al Khaimah to press charges against Swiss national for $1.5 billion fraud | GulfNews.com:
"The government of Ras Al Khaimah is pressing criminal charges against a Swiss national who is a former top official of RAK Investment Authority, official news agency WAM said on Monday.
“Dr Khater Massaad, the head of Star Industrial Holding Ltd., SIH, has ended negotiations with the Government of Ras Al Khaimah and is facing further criminal charges following a global embezzlement and mismanagement of $1.5 billion in the UAE. He has already been tried and convicted by the UAE criminal courts for corruption and fraud,” the agency said.
The man, who once headed RAK Ceramics, has multiple passports."
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