A controversial US-Iranian aviation tycoon has been ordered to pay damages of more than $4 million over a series of plots to fleece the sovereign wealth fund of Ras Al Khaimah of millions of dollars.
A London High Court judge found that Farhad Azima, 79, bribed the fugitive former head of the fund, doctored documents and discussed a plot to undermine the emirate’s ruler Sheikh Saud bin Saqr Al Qasimi.
In a victory for Ras Al Khaimah, Judge Andrew Lenon found Azima falsely inflated the costs of a pilot training project and paid a $500,000 bribe over the sale of a Rakia-owned hotel in Tbilisi, Georgia. The hotel was sold to three Iranians, who were later accused of being “sanctions evaders” by the US Treasury.
“The Government of Ras Al Khaimah is continuing to recover stolen assets of the Emirate,” said a Rakia spokesperson. “It is committed to bringing to justice those who have misappropriated public funds from the Emirate and its people. This decision is another victory in this fight against fraud.”
The court case was part of a broader battle centred on reputed losses of some $2 billion while Rakia was under the control of Khater Massaad, a Swiss Lebanese national and close associate of Azima.
During his seven years as chief executive, Massaad poured $2 billion of government funds into overseas acquisitions.
In late 2012, the fund found that he had “perpetrated systematic and wide-ranging frauds” and was responsible for losses of $2 billion, the London court heard.
Private investigators and lawyers hired by Rakia have probed alleged financial wrongdoing in ten countries in the Middle East, Africa, Asia and Europe.
He fled the emirate in 2012 and was arrested at the request of the UAE in Saudi Arabia four years later, where he is also the subject of a $120 million civil claim.
Massaad has been convicted in the UAE of five separate financial offences which each carry jail terms of between five to 32 years.
Massaad has repeatedly rejected the “trumped up charges” against him. But lawyers for Rakia claim he engaged his close friend and associate Azima to “wage war on the RAK Investment Authority” after 2012.
The London trial heard that documents were leaked on the internet that followed a hack of Azima’s personal data.
These included a security assessment drawn up by a US security firm including a plan for a smear campaign as a “last resort” to secretly involve Latin American drug cartels in the business affairs of Ras Al Khaimah. The plans, that Azima said were “naive and ill-conceived”, were never put into action.
Azima accused Rakia of being behind the hack but the judge ruled the claims were based on “speculative assumptions”.
The judge described some of Azima’s evidence as “frequently inconsistent… and inherently implausible”.
He ordered Azima to pay Rakia $4,162,500. The costs will be decided at a later hearing.
Azima said he would appeal against the ruling.
Azima, who lives in Kansas, US, is understood to have sold assets and properties to build a fighting fund to contest the claims against him in London.
The colourful Azima has been linked to the Iran-Contra affair of the 1980s when US officials were found to have secretly supplied to weapons to Iran and using the proceeds to fund right-wing rebels in Nicaragua. Azima owned one of the aircraft used to ferry the weapons but denies knowledge of the operation.
The specs: 2019 Mercedes-Benz GLE
Price, base / as tested Dh274,000 (estimate)
Engine 3.0-litre inline six-cylinder
Gearbox Nine-speed automatic
Power 245hp @ 4,200rpm
Torque 500Nm @ 1,600rpm
Fuel economy, combined 6.4L / 100km
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MATCH INFO
Uefa Champions League semi-final, second leg
Roma 4
Milner (15' OG), Dzeko (52'), Nainggolan (86', 90 4')
Liverpool 2
Mane (9'), Wijnaldum (25')
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Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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6.15pm Deccan Gladiators v Pune Devils
8.30pm Delhi Bulls v Bangla Tigers
Ibrahim's play list
Completed an electrical diploma at the Adnoc Technical Institute
Works as a public relations officer with Adnoc
Apart from the piano, he plays the accordion, oud and guitar
His favourite composer is Johann Sebastian Bach
Also enjoys listening to Mozart
Likes all genres of music including Arabic music and jazz
Enjoys rock groups Scorpions and Metallica
Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil
Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
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The Uefa Awards winners
Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)
Uefa Women's Player of the Year: Lucy Bronze (Lyon)
Best players of the 2018/19 Uefa Champions League
Goalkeeper: Alisson (Liverpool)
Defender: Virgil van Dijk (Liverpool)
Midfielder: Frenkie de Jong (Ajax)
Forward: Lionel Messi (Barcelona)
Uefa President's Award: Eric Cantona
The%20specs
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RESULTS FOR STAGE 4
Stage 4 Dubai to Hatta, 197 km, Road race.
Overall leader Primoz Roglic SLO (Team Jumbo - Visma)
Stage winners: 1. Caleb Ewan AUS (Lotto - Soudal) 2. Matteo Moschetti ITA (Trek - Segafredo) 3. Primoz Roglic SLO (Team Jumbo - Visma)
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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World Cup 2022 qualifier
UAE v Indonesia, Thursday, 8pm
Venue: Al Maktoum Stadium, Dubai
Kandahar%20
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Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Scores in brief:
- New Medical Centre 129-5 in 17 overs bt Zayed Cricket Academy 125-6 in 20 overs.
- William Hare Abu Dhabi Gymkhana 188-8 in 20 overs bt One Stop Tourism 184-8 in 20 overs
- Alubond Tigers 138-7 in 20 overs bt United Bank Limited 132-7 in 20 overs
- Multiplex 142-6 in 17 overs bt Xconcepts Automobili 140 all out in 20 overs
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
Profile Periscope Media
Founder: Smeetha Ghosh, one co-founder (anonymous)
Launch year: 2020
Employees: four – plans to add another 10 by July 2021
Financing stage: $250,000 bootstrap funding, approaching VC firms this year
Investors: Co-founders
