An Iranian-American aviation tycoon faces a bill of more than $8 million (Dh29.4m) after losing a bitter fraud and bribery legal battle with the sovereign wealth fund of Ras Al Khaimah.
Farhad Azima was ordered on Friday to pay costs and interest that will double the $4.1m damages bill he faces after a judge found against him in May over a business dispute with the fund.
Mr Azima was told he had six weeks to pay the bulk of the funds after a judge told him he had given evidence “which I found to be dishonest”.
The judge said that Mr Azima could not appeal his ruling and that he had little prospect of success.
A statement from the Ras Al Khaimah Investment Authority said “this decision is another victory in this fight against fraud.”
“The disgraced US airline operator ... At a trial in London earlier this year ... was found to have made fraudulent misrepresentations, bribed a public official and conspired to defraud Rakia."
"The Government of Ras Al Khaimah is continuing to recover stolen assets of the Emirate. It is committed to bringing to justice those who have misappropriated public funds from the Emirate and its people," Rakia said.
Mr Azima, who lives in Kansas in the United States, is understood to have sold assets and properties to fight the case. He also put up for auction a Concorde jet nose cone that was displayed in a glass hangar in his garden.
The 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 citizen and a close associate of Mr Azima.
During his seven years as chief executive, Mr 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.
Mr Massaad is currently in Saudi Arabia and is wanted by the UAE, which found him guilty of financial crimes during trials held in his absence.
Lawyers for Rakia claim that Mr Massaad engaged his close friend and associate Mr Azima to “wage war on the RAK Investment Authority” after 2012 as part of the long-running struggle. Mr Azima had denied the claim.
During the trial, lawyers for Rakia had cited documents leaked on the internet after a hack of Mr Azima’s electronic devices.
MATCH INFO
Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')
Leeds United 2 (Cooper 41'; Dallas 73')
Man of the match: Scott McTominay (Manchester United)
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
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%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20synchronous%20electric%20motors%20%20%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E646hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E830Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ETwo-speed%20auto%20(rear%20axle)%3B%20single-speed%20auto%20(front)%20%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh552%2C311%3B%20Dh660%2C408%20(as%20tested)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Low turnout
Two months before the first round on April 10, the appetite of voters for the election is low.
Mathieu Gallard, account manager with Ipsos, which conducted the most recent poll, said current forecasts suggested only two-thirds were "very likely" to vote in the first round, compared with a 78 per cent turnout in the 2017 presidential elections.
"It depends on how interesting the campaign is on their main concerns," he told The National. "Just now, it's hard to say who, between Macron and the candidates of the right, would be most affected by a low turnout."
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
Killing of Qassem Suleimani
