A Taser gun was used to subdue two female accountants in the office and snatch the bag containing the Dh2 million, Dubai Courts heard.
A Taser gun was used to subdue two female accountants in the office and snatch the bag containing the Dh2 million, Dubai Courts heard.
A Taser gun was used to subdue two female accountants in the office and snatch the bag containing the Dh2 million, Dubai Courts heard.
A Taser gun was used to subdue two female accountants in the office and snatch the bag containing the Dh2 million, Dubai Courts heard.

UAE

Four jailed in Dubai for attempting to steal Dh2 million from colleagues

Security guard used a Taser gun to subdue former co-worker

Ali Al Shouk
Ali Al Shouk

July 18, 2023

  • English
  • Arabic

Four work colleagues have been sentenced in Dubai Criminal Court for attempting to steal Dh2 million in cash from their colleagues.

The court was told that the quartet – three from Sierra Leone and one from Cameroon – knew that the large sum of money was due to be distributed to the company's employees in Jebel Ali.

The audacious robbery was masterminded by a security guard who planned to steal the cash from the account's office.

He used a Taser to subdue two female accountants in the office and stole the bag containing the Dh2 million.

A second work colleague – also a security guard – fought off the attempted intervention from a male receptionist.

“It was around 12.31pm when the suspect, who is a security guard in the company, entered our room. He used the Taser gun several times on my back and neck before hitting my colleague with his bare hand,” the victim from Vietnam told the court.

“He threatened to kill me before grabbing the bag and leaving. He knew it is the time when the company employees will come to collect their salaries.”

Two of those involved in the audacious plot kept the front gate open to allow the others to escape.

One on-duty security guard and the male receptionist chased the pair on foot and retrieved the money after a struggle. Two suspects escaped with Dh300,000.

The company's receptionist testified that he saw them escaping and chased them with another security guard.

“We managed to pull the bag, which was opened, and the money spread on the ground. They collected Dh300,000 and escaped,” the male receptionist in court records.

The security guard, having recovered Dh1.7m of the cash, contacted Dubai Police.

Police detained the main suspect at Dubai Airport two days later as he was trying to escape from the country and later apprehended the other three.

Dubai Police recovered Dh36,000 from the stolen Dh300,000. All four were ordered to pay a total fine of Dh264,000.

The two security guards were sentenced to five years, while the other two employees were sentenced to three years in jail for criminal abetting.

They will be deported after serving their sentences, Dubai Court heard.

Company%20profile
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States of Passion by Nihad Sirees,
Pushkin Press

While you're here
Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
On Women's Day
The specs

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Power: 611bhp

Torque: 620Nm

Transmission: seven-speed automatic

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On sale: now

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

If you go

The flights

There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.

The trip

Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.

The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.

 

Yahya Al Ghassani's bio

Date of birth: April 18, 1998

Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

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Updated: July 18, 2023, 2:07 PM
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