DUBAI // A man accused of using forged documents to get a job as a human resources manager at a Dubai developer and swindle it out of Dh2.1 million appeared in court yesterday to deny the charge.
MBS, a 45-year-old from Britain, is accused of using forged degree certificates to get his job at Limitless - part of Dubai World - and using further forgeries to hire non-existent employees while pocketing the proceeds between 2007 and 2008.
"These are not forged, these are originals," MBS told the presiding judge at the Dubai Criminal Court of First Instance when shown the alleged forgeries in the prosecution's case file.
Prosecutors claim he paid £40,000 (Dh232,822) for a forged bachelor's degree in physics from the University of London and a master's degree in business administration from the University of Warwick. He was said to have been wanted by British police at the time of his arrest.
EB, the strategy section head at the company, said that MBS had supposedly hired a Russian employee on a monthly salary of Dh125,000. However, when he found a resume supposedly written by the Russian, the writing appeared similar to that of the human resources manager.
The section head said he became suspicious and hired a detective agency to track down the Russian. The agency could not find him, and the section head informed police.
Officers discovered that the human resources manager had a criminal record in Britain and that a warrant for his arrest was issued in England in 1999, the court heard. Prosecutors said he wired the embezzled money to a bank in Cyprus.
The human resources manager presented a written defence to the court and asked it to issue a verdict.
"I have been in jail since May 2009," he told the court through a translator.
The verdict will be issued on April 24.
salamir@thenational.ae
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The%20specs
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Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
Company%20profile
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COMPANY%20PROFILE%20
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Moon Music
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Dir: Shashanka Ghosh
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The specs
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded