A businessman accused of stealing $1.5 billion while working in the United Arab Emirates is refuting the allegations.

The UAE's state-run WAM news agency alleged on Monday that Khater Massaad embezzled and misappropriated the funds while heading the Ras al-Khaimah Investment Authority, that emirate's sovereign wealth fund. It alleged he fled the UAE in 2012 and had since ended negotiations with the northern emirate over the accusations.

A spokeswoman for Massaad, Cynthia Beudjekian, said in a statement on Wednesday that he "completely refutes these spurious and unsubstantiated accusations" and is talking with lawyers about the "serious defamation to his character."

She alleged he is still owed substantial compensation for his role at the fund and that there is "little, if any, due and proper process being carried out."