GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

Khater Massaad appointed Gela Mikadze as CEO of Rakeen Georgia while he was CEO of RAKIA (Ras Al Khaimah Investment Authority).

Mikadze has now been found guilty of serious fraud in the Tbilisi City Court, Georgia. On 16 June, Judge Maia Svianadze ordered Georgia Golf & Resort LLC, a company connected to Mikadze, to return land that he stole from Rakeen Georgia.

The case revolves around 951 hectares of land in Mukhrovani that was bought by Mikadze on behalf of Rakeen Georgia. The land was bought in 2007 from a close associate of Mikadze for approximately GEL 27,200,000 (US$16,451,000), over 10 times the actual value of the land. Mikadze approved this deal and then through a web of deceit and fraud sold the land in July 2012 for just GEL 2,000,000 (approx. US$ 1,200,000) – a fraction of what it was then worth (GEL 32,500,000/$US 21,000,000) and what it had cost Rakeen Georgia. Mikadze sold the Mukhrovani Lands to a shell company of which he was the ultimate beneficial owner. Mikadze later sold two-thirds of the shares in his company to his co-conspirators Khater Massaad and Karam Al Sadeq for just US$2.

This is the second court decision against Mikadze and his interests in two months following his criminal conviction for fraud alongside Khater Massaad in the UAE. In that Raystar case, the pair were both sentenced to 15 years' imprisonment for their roles in a multi-million-dollar fraud connected to the sale of the Poti Sea Port. Judge Sameh Hamed Shaker, President of the Court, stated that Khater Massaad, alongside Mikadze and George Janashia had, “intentionally caused damages to the money and interests of the authority for which they work”.

Khater Massaad fled the UAE in 2012 when allegations concerning fraud and embezzlement first surfaced. Following extensive cross-border investigations it rapidly became clear that Khater Massaad and Gela Mikadze have serious questions to answer over US$1.5billion in misappropriated funds and the corrupt dealings he had been involved in across the globe.

Khater Massad is currently in Saudi Arabia, awaiting extradition to the UAE.


Posted by : GoDubai Editorial Team
Viewed 11932 times
Posted on : Sunday, June 18, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Jawaher Al Qasimi Calls on World Leaders to Further Efforts to Restore Peace
Next Story : Ministry of Health and Prevention chairs second meeting of Board of Trustees of the pharmaceutical S...
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Grand Optics Launches “Kids Right to Clear Sight” Initiative
Glamazle.com promises customers the perfect wings with its assortment of eyeline...
Credit FAQ Discusses Potential Implications Of Qatar Boycott For Gulf Cooperatio...
SOUQ.com hosts two-day Samsung carnival with incredible offers on Mobiles, Weara...
Protect your hair this summer with SachaJuan's Over Night Hair Repair
Montblanc joins forces with Only Watch 2017, donating an outstanding vintage tim...
Excalibur Spider Pirelli range now available for fine watch enthusiasts at Dubai...
Perfect Fragrances to Celebrate Eid
Introducing the Rado DiaMaster Power Reserve
HP's Next Generation OfficeJet Pro Enables Micro Businesses to Print Like a Pro
Da Vinci With Moon Phase: Homage to an Icon
Eberhard & Co. SCAFOGRAF 300 timepiece
Bodour Al Qasimi Signs MoU with UNESCO to Enhance Cultural Cooperation
Next Major Smartphone From LG to Feature First-Ever OLED FullVision Display
Corum Bubble Skull
Maiden SWS Senior Cup Victory for Al Hammadi
LG V30 to Elevate Smartphone Camera to New Heights
ERICSSON joins Zain Kuwait-led utilities digital transformation project
Introducing the Fall 2017 GUESS Accessories Collection Advertising Campaign
Corum Admiral AC-One 45 Chronograph, a distinguished customer in brown and bronze
Michael Kors Access Expands With New Smartwatches, New Apps, New Faces and New M...
RAYMOND WEIL: Distinctive Freelancer 1212 Automatic for the elegant man
SAINT HONORE: Opera resplendent with refreshing burst of freshness makes ideal E...
Dubai Chamber to Organise 4th Global Business Forum on Africa in November
The Veranda, your neighborhood backyard bistro, is now open at Hyatt Regency Dub...
100 New Ways to Transform Your Home With the New Ikea Catalogue
HH Sheikh Saif Bin Zayed honors one of the largest donors to the Faraj Fund
Jewel Corner opens an elegant new kiosk at Al Barsha Mall
Michael Kors Debuts New Bancroft Handbag Collection
BOVET artisans introduce new dial materials Aventurine and Meteorite
GROHE Blue Home – the private watersource for ultimate taste and enjoyment
Malabar Gold & Diamonds receives Gemfield's ‘Retail Jeweller India Award'
COÉGA Sunwear Launches Contemporary Autumn/Winter '17 Conservative Swimwear
GCC's premium home appliance market to thrive with LG SIGNATURE
Six Down, Two to Go - ADSB Keeps Up Pace in Delivering Ships to Kuwait
UAE is likely to see increased cashless transactions by 2020: Xpress Money's Str...
The Ritual of Karma
Emily Ratajkowski wears Salvatore Ferragamo eyewear
Real estate transactions in Dubai exceeded AED 390 billion in 18 months
Eid Al Adha with Paule Ka Fall-Winter '17
Chronoswiss Regulator Classic Date in new size and with magnified date
Global Jewellery Retail Chain Joyalukkas signs Award-Winning Bollywood Actress K...
ADNOC Distribution Announces New Retail Price of Unsubsidised LPG for Month of August
New UAE Space Agency Board of Directors Holds First Meeting
Oasis Mall Brings Solar System to Life with Kids' Planetarium
The Government of Rajasthan & GEMS Education Announce Outcomes of the Inaugural ...
The New Energy Vehicles Club launched under the Clean Energy Business Council
Al-Futtaim Motors and Saaed sign service and spare parts partnership
Dubai Health Authority focusses on developing national talent in the health sector.
Dubai Land Department's ‘Ejari' smart application protects the right of all parties