DUBAI // An Emirati businessman and general manager of a high profile company for manufacturing and selling yachts in the UAE is accused of embezzling five yachts and selling them for his own profit, it has emerged.
The Dubai Court of Misdemeanours was told that in 2005 the defendant AA, 44, was appointed general manager at the SSME company, the only legal representative of Sun Seekers Boats in the Middle East.
AA was accused of breach of trust after prosecutors said he unlawfully sold the yachts for more than £1 million (Dh5.9m).
According to records, AA gained £1.1m from selling the five yachts.
EK, the owner of SSME, and also an Emirati, filed a complaint against AA in October 2009 at the Rashidiya police station. He said he became aware of the alleged thefts in 2009 after he was informed that AA ordered the manufacturing of the yachts, then paid the costs from the company's funds before selling them for his own benefit, his testimony in court records shows.
EK told prosecutors that AA then opened another company with a very similar name to that of SSME.
According to the testimony of ET, the accountant at SSME, the incidents happened between 2007 and 2009.
AA denied the charges and said that as part of his appointment as general manager and as a 30 per cent partner in the company, he was given certain privileges, according to court records.
He added that the SSME office in London signed the exclusive dealership in his name, and that when differences emerged between him and EK, he resigned and took the dealership with him which, according to his testimony, annoyed EK and led him to file the case.
AA told prosecutors that the leadership was in his name because he owned SSME before he sold it to EK.
The next hearing will be on April 19.
salamir@thenational.ae