$25m fine for Australian executive over fraudulent property deal

Matt Joyce, an Australian executive who worked for Dubai Waterfront (a development owned and controlled by Dubai Government entity, Nakheel) was convicted in Dubai court for wrongly transferring $6million in respect of a property deal to his personal Jersey bank account. The Australian national has been detained by the Dubai authorities since 2009.  Dubai courts earlier this month sentenced Joyce to 10 years in prison and a fine of US$25million.

Dubai free zone company heavily fined for breach of US-Syria trade embargo

A Dubai free zone company has been fined US$2.8 million for wrongfully importing and selling internet and electronic devices made in the US to the Syrian government in breach of US - Syrian trade embargo. The company falsely stated that products were being shipped to Iraq and Afghanistan, however, after investigations were made by the US Department of Commerce new details emerged on the alleged role of the Middle Eastern reseller in delivering and servicing the equipment in breach of sanctions imposed by the US.  

Property CEO imprisoned and fined

The Dubai Court of first instance has sentenced a former CEO of a property development company which is partly owned by the Dubai Government, to 15 years' imprisonment for abusing his position and deliberately causing a loss of AED30 million in public funds by pushing through an illegal tender. In addition, the accused was ordered to repay the company the full amount of loss caused.