Picture for illustrative purposes only. ARCHIVE

Two employees of a gold trading company in Dubai have been ordered to repay more than Dh1.42 million after being convicted of embezzling funds linked to gold sales. According to court records, the two sales employees were entrusted with selling 13,500 grammes of gold and remitting the proceeds to their company. Instead, they misappropriated the funds between September 2022 and July 2023. The Dubai Criminal Court sentenced both defendants to one year in prison and ordered them to jointly repay the embezzled amount. The Court of Appeal later upheld the ruling. In a related civil case, the court ordered the pair to pay Dh1,426,273, along with 5 percent interest from the date the judgment became final until full payment. They were also ordered to cover fees and legal costs. Other claims filed by the company were dismissed. The company had initially sought Dh1,569,092, stating that the gold entrusted to the employees was valued at Dh1,976,273. Court documents confirmed that the proven embezzled amount matched the findings in the criminal case. The company also alleged that the employees had purchased additional gold worth Dh142,819 under the company’s name without authorisation. However, the court dismissed this claim, citing lack of evidence. During proceedings, one of the defendants denied responsibility and claimed the other was solely at fault. The court ruled that liability, damage, and causation had been clearly established, holding both accountable for repayment. ICA/Expat Media
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