The United Arab Emirates (UAE) has sought Bangladesh’s cooperation in expediting the hearing of an appeal pending before the High Court over investments allegedly made in Bangladesh using funds embezzled from a UAE state-owned company.
UAE Ambassador to Bangladesh Abdulla Ali Abdulla Alhmoudi made the request during a meeting with Attorney General Md Ruhul Quddus Kazal at his office on the Supreme Court premises.
The UAE also sought Bangladesh’s assistance in implementing a mutual legal assistance request for the confiscation and eventual transfer of the assets in line with a lower court order.
Attorney General Ruhul Quddus Kazal told The Daily Star that the UAE ambassador had sought Bangladesh’s cooperation in a case involving the country’s national interests.
“In response, I assured him that we would take prompt measures to ensure an expeditious resolution of the case,” he said.
Deputy Attorney General Osman Chowdhury, who was present at the meeting, said the UAE ambassador had requested steps for the early hearing and disposal of the appeal.
Citing court documents, Osman said the appellant, Dr Khatir Massaad, served as chief executive officer of the Ras Al Khaimah Investment Authority (RAKIA), a wholly state-owned entity of Ras Al Khaimah, one of the seven emirates of the UAE, from 2005 to 2012.
According to allegations and court proceedings in the UAE, Massaad misappropriated public funds and laundered the money through investments in different parts of the world, including Bangladesh.
“Some of the allegedly laundered funds were invested in three companies in Bangladesh,” Osman said.
“Following judgments by UAE courts, the UAE government requested Bangladesh to freeze and confiscate the investments and return the assets to the UAE. Acting under Section 26(4) of the Money Laundering Prevention Act, 2012, a deputy attorney general filed a petition before the Special Judge’s Court in Dhaka seeking confiscation of the assets,” he said.
“After hearing the government’s case, the court ordered the confiscation of Massaad’s shares in the three Bangladeshi companies and their transfer to the UAE or an entity nominated by it.”
Osman said Massaad later challenged the order before the High Court through an appeal filed in 2021. The appeal has remained pending, with hearings repeatedly deferred.
According to documents submitted to the court, Massaad holds or controls 65,333,000 shares in Star Ceramics through Star Bangladesh Holdings Limited, incorporated in the British Virgin Islands; 20,312,500 shares in Star Porcelain through Lebanon-based Star Investments SAL; and 40,471,680 shares in Rakeen Development Company Limited in his personal capacity.
Source: https://www.thedailystar.net/news/crime-justice/news/uae-seeks-bangladeshs-cooperation-fast-tracking-appeal-over-allegedly-laundered-investments-4293001
