DUBAI (Reuters) - Two former senior officials of the Ras al-Khaimah Investment Authority (RAKIA) in the United Arab Emirates (UAE) have been sentenced in absentia to 15 years in prison for embezzlement, according to court documents released on Tuesday.
Khater Massaad and Gela Mikadze were sentenced on April 26 by a court in Ras al-Khaimah (RAK) for defrauding RAKIA of $17.2 million in 2011. A third man, George Janashia, was also sentenced to 15 years in prison in absentia.
Mikadze and Janashia, both citizens of the former Soviet republic of Georgia, were ordered to repay $12.8 million and $4.4 million respectively. The three defendants were also fined $17.2 million, according to the documents which were released by the RAK government.
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