Massive fraud in RAK Investment Authority

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RAK Ceramics is a popular name in the Indian Tile Market. The credit of growing this company from rag to riches goes to the man who is now behind the bars. A former senior official of a Ras-Al-Khaimah, Khatter Massaad was  arrested in Saudi Arabia over an alleged $1.5 billion fraud. Khatter who hailed from the Sindh Region of South Asia went to head the Ras-Al-Khaimah Investment Authority (RAKIA).

Khatter Massaad was detained at Jeddah airport, rent a car minibus, in the west of the kingdom, under an arrest warrant issued by the government of Ras Al Khaimah (RAK). Under the leadership of Khatter Massaad, RAK Ceramics – which he helped found – has become the world’s largest ceramic tiles manufacturer. It is listed on the Abu Dhabi Stock Exchange with a market capitalisation of AED847m.

The arrest was confirmed by a statement from the RAK government, which said it would seek his return to the United Arab Emirates to stand trial.

The move follows what the RAK government described in early August as a breakdown in talks with Massaad in relation to “global embezzlement and mismanagement of $1.5 billion” during his tenure as chief executive of the Ras Al Khaimah Investment Authority (RAKIA).

Source: Gulf Business