A Dubai court has found Saudi Arabian labour minister Ahmed Al-Rajhi guilty of fraud and fined him $ 450 million in favor of Palestinian-Canadian businessman Omar Ayesh.
According to the Arabi21 news agency, the court also ordered Al-Rajhi to pay Ayesh, who owns 25 percent of the shares of the Tameer Holding Investment company, $ 2,8 million in compensation for material and moral damage.
The case was filed when Al-Rajhi and his brothers were accused of seizing the properties and assets of Tameer Holding Investment, including the shares of its founder Ayesh and hundreds of other clients.
For his part, Ayesh said the ruling is historical for the UAE real estate market, noting that «it represents a great victory for justice in the face of corruption».
There has not yet been an official statement from the UAE side or Al-Rajhi.