Mar.19, 2010, 00:00

Dubai: Four suspects and seven companies were on Thursday acquitted of laundering £150 million (Dh891 million), an amount which prosecutors described as the largest case of its kind in Dubai's history.

The Dubai Misdemeanours Court acquitted the suspects, an Emirati employee, A.A., a British executive, O.Y., an Indian financial controller, M.J., and a Pakistani general manager, M.A., who had earlier pleaded not guilty and strongly dismissed money laundering charges.

Pronouncing yesterday's verdict, Presiding Judge Abdul Majid Al Nezamy, however, sentenced the four defendants to two months in jail each for forging unofficial documents and using them.

Lawyer Eisa Bin Haidar, of Bin Haidar Group of Advocates, who represented A.A., O.Y. and M.A., argued in their defence: "The suspects and their companies were prosecuted for laundering Dh891 million for three years without any substantial evidence. Law enforcement officers failed to prove that the allegedly laundered amount was acquired from a crime since the litigation and prosecution processes started in August 2006."

Prosecutors had charged the defendants and seven companies with intentionally acquiring, possessing and transferring £150 million, which they allege was earned from conning the UK's Revenues and Customs Prosecution Office (RCPO) and the Netherlands Antilles authorities.

According to the charges sheet, the defendants were additionally charged with forging records which included a loan contract of $5 million (Dh18.4 million) and two digital transfer receipts. They were also charged with submitting fake documents to the UAE Central Bank.

Company charges

The seven companies were charged with aiding and abetting the alleged money-laundering operations.

"The interrogations lasted nearly two years because this is the biggest money laundering case in the history of Dubai," said Essam Eisa Al Humaidan, Dubai, Attorney General, in an earlier statement.

"The Court will also seize the forged documents and the Dh18.4million," said the primary verdict's sheet.

Bin Haidar contended that no charges were levelled against the defendants in London, although the alleged crime was originally unveiled there five years ago.

"Supposedly, the suspects acquired the money through a crime committed abroad, then why haven't they faced trial in London!" said the lawyer.

"For years, Dubai prosecutors worked on delaying the litigation process in this case, before it was eventually referred to court under our persistence. The Public Prosecution-assigned committee failed to bring in any concrete evidence that the suspects laundered the £150 million," argued Bin Haidar.

"I am innocent ... I cannot understand how the Public Prosecution referred this case to court when the committee it assigned failed to prove that the seized money was earned from a money laundering crime. The charges were based on assumptions and guesses," argued A.A. when he defended himself in court.

Bin Haidar also said law enforcement procedures were carried out unlawfully against his clients.

"Dubai prosecutors held meetings and interrogations with European officials, but they couldn't prove that the money was earned from money laundering," he argued.

The primary judgment is still subject to appeal within 15 days.