Deeyar's former CEOs acquitted
In an update to an item previously reported in our July update, Deeyar's two former CEO's have been acquitted on appeal. They were accused of causing deliberate losses of AED 4.5m between January 2008 and February 2010, during their tenures as CEO's of the Dubai property company. The case involved the misappropriation of public funds (Deeyar's 41% shareholder is Dubai Islamic Bank, which is largely owned by the Dubai Government).
CEO sentenced to 16 months for securities fraud
Ronald Kaudmann, the former CEO of Axius Inc. has been sentenced to 16 months in prison by a federal New York court for participating in a scheme to bribe brokers and manipulate the share price of the Dubai-based company. Mr. Kaudmann, along with Jean-Pierre Neuhaus were accused of bribing individuals to buy shares in the Company in order to artificially inflate the share price. One of those individuals was an undercover enforcement agent: Neuhaus has also been charged with committing securities fraud, wire fraud and money laundering.