Every of the 9 companies was fined Dh50 million by the court docket.
9 accused and 9 corporations have been convicted in a cash laundering case by an Abu Dhabi court docket on Tuesday.
The convicted people have been handed sentences starting from seven to 10 years, and fines of Dh5 million every, whereas the 9 corporations concerned will every pay a high quality of Dh50 million.
The Dh306 million case was unravelled after the UAE Central Financial institution flagged suspicious banking transactions performed within the financial institution accounts of two corporations.
After auditing and monitoring of accounts, it was established that the businesses had hid the sources of revenue generated out of prison actions.
The Abu Dhabi Public Prosecution then initiated its investigations, which confirmed that the primary accused was attempting to hide his unlawful actions in oil buying and selling, and didn’t have a licence from the competent authorities. Among the many strategies used to disguise the supply of funds, he would switch funds to different corporations, a few of which have been fictitious and a few which have been created by their homeowners particularly for the aim of concealing the supply unlawful proceeds.
R.S.A, a British citizen who’s the primary convicted, was sentenced to 10 years in jail and a high quality of Dh5 million, adopted by deportation. H.N.Z. a French citizen, G.A.S. a German citizen, S.A. from Kyrgyzstan, A.A. from Kazakhstan, V.S. from Lithuania, S.M.S from India, and R.A.A. from the Netherlands have been every sentenced to seven years in jail, Dh5 million high quality and deportation. A.A.M, a UAE nationwide, was additionally sentenced to seven years in jail and a Dh5 million high quality.
