A Dubai court convicted Saudi Minister of Labour Ahmed al-Rajhi of fraud and handed him a $450m fine (1.6 billion Emirati dirhams) in favour of the Palestinian-Canadian businessman Omar Ayesh in the fraud case related to Tameer Holding Investment, reported Arabi21.
The court ruled to charge Rajhi an annual nine percent interest on the amount of the fine, starting from 12 March 2017 until the completion of payment, according to the verdict issued in Dubai on 25 November.
The court also required Rajhi to pay Ayes, who holds 25 percent of shares in Tameer Holding Investment, $2.8m in compensation for material and moral damages.
The case was filed when the Saudi minister and four of his brothers seized the properties and assets of Tameer Holding Investment, including the shares of its founder, Ayesh, and hundreds of other clients, according to Arabi21.
The International Justice Mission (IJM) in Washington commented on the case, saying that it “will continue to expose all corrupt individuals, regardless of their position or seniority”.
The ruling, in this case, adds to the institution’s inventory of evidence that will be presented to the relevant anti-corruption authorities, including the Saudi Oversight and Anti-Corruption Authority.
