Look like a previous visitor to our email list has run afoul of his Arab benefactors. Wonder what happened to his subs?
R/Jay
Andros Is., Bahamas
Submarine fraudster gets five-year term, goes under the radar
|
By
Mohammed Elsidafy on Monday, June 29, 2009 |
The former head of Dubai World's submarine unit was sentenced to five years in jail and fined Dh14 million for embezzlement in his absence yesterday.
HJP, from France, is on the run outside the UAE. He was convicted at Dubai Criminal Court of exploiting his position as manager of the Exomos division to embezzle Dh14m.
The court heard that HJP had told a Dubai World official that his company, Seahorse Submarines, could manufacture undersea craft for the group.
The official signed a contract for the purchase of two submarines and an advanced payment of Dh1.8m was made to the accused.
When HJP came to Dubai to complete work on the submarines, Dubai World set up Exomos and appointed the Frenchman as manager.
The accused bought equipment worth Dh11.8m for Exomos but the order did not arrive. HJP also accepted commission of Dh1.4m from companies dealing with Dubai World.
When the submarines were delivered they were incomplete. HJP then bought equipment for the vessels using Dh742,000 from Exomos's account.
The submarines were faulty and could not be used, and the accused gave a written confession to Dubai World and agreed to settle the matter by paying an initial Dh3m. But he then fled abroad.
Emirates Business has learned that Dubai Police plan to take action through Interpol to track him down.