Businessman accused of theft in UAE refutes allegations
{{#rendered}} {{/rendered}}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."
{{#rendered}} {{/rendered}}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."