Former RAK Investment Authority chief arrested in Saudi Arabia

The former chief executive of Ras Al Khaimah Investment Authority has been arrested in Saudi Arabia. Khater Massaad, 63, a Lebanese-Swiss national, was detained at Jeddah Airport on Tuesday on an arrest warrant issued by Ras Al Khaimah. Mr Massaad is accused of embezzling $1.5 billion (Dh5.5bn) while running the investment authority. He denies all […]

The former chief executive of Ras Al Khaimah Investment Authority has been arrested in Saudi Arabia.

Khater Massaad, 63, a Lebanese-Swiss national, was detained at Jeddah Airport on Tuesday on an arrest warrant issued by Ras Al Khaimah.

Mr Massaad is accused of embezzling $1.5 billion (Dh5.5bn) while running the investment authority. He denies all charges brought against him.

The businessman was convicted in his absence in a Ras Al Khaimah court last year of causing “wilful loss to public funds and malfeasance in public office”.

RAK is also seeking his arrest on charges of fraud and diversion of public funds in relation to a seaport project in Georgia.

The RAK government said it would work with the Saudi authorities to ensure Mr Massaad returned to the UAE to stand trial.

newsdesk@thenational.ae

Source: Business

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