Gulf

UAE convicts Saudi minister of fraud, issues $450m fine

The Court of First Instance in Dubai has found the Saudi Minister of Labour, Ahmed Al-Rajhi, guilty of fraud issuing him a $450 million fine in the case filed against him by the Palestinian-Canadian businessman Omar Ayesh.

The court also charged Al-Rajhi with nine per cent annual interest on the fine, starting from 12 March 2017 until the completion of the payment.

The court ordered the Saudi official to pay Ayesh, who holds a 25 per cent share in Tameer Holding Investment Company, $2.8 million in compensation for material and moral damages.

Al-Rajhi and his brothers were accused of seizing the properties and assets of Tameer Holding Investment, including the shares of its founder, Ayesh.

“The ruling is historical for the real estate market in the UAE as the Dubai court ordered Saudi Minister Ahmed Al-Rajhi to pay nearly 2 billion dirhams,” the Arabic Post quoted Ayesh as saying.”Although the ruling came at a much lower amount than I expected, it represents a great victory for justice in the face of corruption and injustice,” he added.

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