Abu Dhabi Court of First Instance has sentenced former chairman of the Islamic Finance Company Ali Hamel Al Gaith Al Qubessi to three years, former chairman Abdullah Saeed Al Qubessi to two years, and board members Al Waleed bin Hamad Al Mubarak, Essa Shamlan Al Shamlan and Gaith Hamel Al Gaith to one year for betraying the trust and valuating shares in bad intention and in violation of the Commercial Companies Law.
The first defendant wasted Dh423 million in addition to other amounts transferred to the private company where the first and fifth defendants own a large amount of shares.
The first defendant liquidised the deposit of the wronged company and transferred it to the private company in violation of the law under the authorisation granted to him by members of the board.
The second to fifth defendants abused power by granting the first defendant an absolute authorisation.
They also committed the crime of releasing the private company, where the first and second defendants own a large amount of shares, from the debt of liquidising and appropriating the deposit in violation of law and without taking measures to guarantee that the company's interests as well as shareholder rights are not harmed.
Details of the case have shown that an agent of the Islamic Finance Company filed a complaint against the first defendant that he had granted as chairman of the board a conditional general authorisation that he shall not make any decision without obtaining the approval of the rest of the board members.
The agent also said the first defendant transferred several funds from the account of the wronged company to those of other companies in relation to him without obtaining board approval.
He said the rest of board members knew about the violations and cancelled the authorisation.
When the second, third and fourth defendants were questioned, they admitted that the first defendant committed the violations with the fifth defendant and with knowledge of the company's executive chairman. The first defendant denied the charges.
The Ministry of Economy filed a complaint against the five defendants, the private company, the chairman of the Islamic Finance Company and auditor, asking for urgent investigation.
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