Business Wire

Ras Al Khaimah Investment Authority Announces Lawsuit against Farhad Azima in London High Court

Del

The following is a statement from The Ras Al Khaimah Investment Authority (RAKIA), the investment arm of the UAE Emirate of Ras Al Khaimah:

The Ras Al Khaimah Investment Authority (RAKIA), the investment arm of the UAE Emirate of Ras Al Khaimah, has filed a lawsuit against US-Iranian Farhad Azima in the London High Court.

The case brought by the RAKIA centres around two separate claims of misconduct. The first claims centres on the sale of the Sheraton Metechi Palace Hotel in Tbilisi from RAKIA Georgia to Eurasia Hotel Holdings Ltd, a company beneficially owned by Mr Houshang Hosseinpour. RAKIA alleges that Mr Azima took a ‘secret commission’, that went way beyond the agreed 5% commission of the sale price of the Hotel and in fact led to him receiving a 10% interest in the Hotel worth $6.25 million.

Other allegations made by RAKIA suggests Mr Azima paid, the then CEO of RAKIA Georgia, Khater Massaad $500,000 for his facilitation of the deal. Massaad has recently been arrested in Saudi Arabia and is awaiting extradition.

The second aspect of the case brought by RAKIA against Azima concerns a joint venture proposed by him in late 2015 to buy military aircraft valued at $52 million. RAKIA claims that the proposal was in fact an attempt to deceive RAKIA out of millions of dollars.

The High Court claim form states that “Mr Azima was aware that the joint venture submitted... grossly overstated the value of the aircraft” and that “Mr Azima [falsely] represented… that the proposed joint venture had the ‘backing’ of the US government, including that the US Government would sponsor and support the proposed joint venture and would serve as its ultimate customer.”

RAKIA is now seeking $2.6 million in damages. The main trial date is yet to be confirmed.

Contact information

RAKIA Media Office
E: RAK@bellpottinger.com
T: +44 20 3772 2460

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

Murex to Offer MX.3 Risk, Trading and Post-Trade Solutions on the AWS Cloud12.12.2017 14:00Pressemelding

Murex, an industry leader in trading, risk management and processing solutions for capital markets, announced they will run their MX.3 technology platform on Amazon Web Services, Inc. (AWS). With the acceleration of cloud adoption in capital markets, Murex and AWS agreed to collaborate to help clients migrate their Murex application workloads to the AWS Cloud. Murex clients are looking to consolidate more and more of their capital markets activity on the MX.3 platform and this means their need for infrastructure is increasing. New regulatory requirements are also driving financial organizations to use cloud to scale up their computing capacity. Murex is collaborating with AWS to meet the demand from clients to support deployment of the Murex offering on the AWS Cloud. Murex is working on the validation of a range of deployment scenarios, from using AWS Cloud for bursting grid

Darzalex®▼(daratumumab) Combination Regimen Significantly Improved Outcomes for Newly Diagnosed Multiple Myeloma Patients who are Transplant Ineligible12.12.2017 13:33Pressemelding

Janssen-Cilag International NV (“Janssen”) today announced data from the Phase 3 ALCYONE study, showing Darzalex® (daratumumab) in combination with bortezomib, melphalan and prednisone (VMP) significantly improved clinical outcomes, including reducing the risk of disease progression or death by 50 percent, in patients with newly diagnosed multiple myeloma who are ineligible for autologous stem cell transplantation (ASCT).1 These data were accepted as a late-breaking abstract (LBA) for presentation at the 59th American Society of Hematology (ASH) Annual Meeting in Atlanta, today at 7:30 a.m. ET (Abstract #LBA-4).1 Study findings were simultaneously published in the New England Journal of Medicine (NEJM) . 2 Daratumumab is currently indicated for use in combination with lenalidomide and dexamethasone, or bortezomib and dexamethasone, for

CTS Engines Announces Senior Management Hire12.12.2017 13:00Pressemelding

CTS Engines, the global leader for mature jet engine maintenance, announced today that it had hired Diane E. Cavuoto as Senior Vice President, Supply Chain, in an effort to continue to provide its customers with outstanding engine overhaul services. Ms. Cavuoto will be based in CTS’s Ft. Lauderdale headquarters and will report directly to Vesa Paukkeri, CTS’s President and Chief Operating Officer. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171212005050/en/ Diane E. Cavuoto, Senior Vice President, Supply Chain, for CTS Engines (Photo: Business Wire) Ms. Cavuoto, most recently Vice President, Strategic Sourcing at Honeywell International, brings years of supply chain management experience to CTS. In her prior role at Honeywell, Ms. Cavuoto managed a global commodity team of 150 employees managing $4

MIPI Alliance Opens Access to its MIPI I3C Sensor Interface Specification12.12.2017 13:00Pressemelding

The MIPI® Alliance, an international organization that develops interface specifications for mobile and mobile-influenced industries, today announced it is opening access to its sensor interface specification, MIPI I3C. Starting today, all companies, including those not currently members of MIPI Alliance, may access the MIPI I3C v1.0 specification so they may evaluate the incorporation of the specification into their sensor integration plans and design applications. “MIPI I3C provides a welcome update to the I2C technology that has been widely adopted over the past 35 years. Extending access provides an opportunity to spur innovation and help other industries beyond mobile," said Joel Huloux, chairman of MIPI Alliance. "It helps MIPI members as well, because it supports greater adoption and interoperability, strengthens the ecosystem and provides for a richer

ADC Therapeutics Announces Interim Phase I Data from its Novel Antibody-Drug Conjugate ADCT-30112.12.2017 11:23Pressemelding

ADC Therapeutics (ADCT), an oncology drug discovery and development company that specializes in the development of proprietary Antibody Drug Conjugates (ADCs) targeting major cancers, today announced clinical data from two ongoing Phase I clinical trials evaluating ADCT-301 (camidanlumab tesirine or “Cami-T”) in important subtypes of lymphoma and leukemia. The data were presented at the 59th American Society of Hematology (ASH) Annual Meeting in Atlanta, USA. 1. Interim results of a Phase I open label, single agent, dose-escalating study of ADCT-301 evaluating tolerability, safety, pharmacokinetics and efficacy in patients with relapsed or refractory B-cell Hodgkin’s or non-Hodgkin’s lymphoma Dr. Steven M. Horwitz, Medical Oncologist at Memorial Sloan Kettering Cancer Center in New York City, and Principal Investigator, s

LTI to Offer Blockchain Solution Powered by Microsoft Azure12.12.2017 10:45Pressemelding

Larsen & Toubro Infotech Ltd. (NSE: LTI, BSE: 540005), a global technology consulting and digital solutions company, announced today the availability of its blockchain-based trade finance solution on Microsoft Azure marketplace. The solution tracks the flow of goods in a value chain, improving transparency across multiple entities involved. It enables accelerated adoption of distributed ledger technologies by bringing together LTI’s deep industry knowledge and blockchain capabilities together with Microsoft’s expertise in cloud-based solutions. Aftab Ullah, Chief Operating Officer, LTI said, "Our vision is to deliver exponential operational efficiencies to the world’s leading companies through digital innovation. LTI’s Blockchain services include end-to-end consulting and implementation and are designed to help transform our clients’ business operations. The collaboration

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom