Allegations of embezzlement and fleeing the UAE are “absolutely unfounded, untrue and unacceptable”, Ras Al Khaimah Investment Authority (RAKIA) CEO Dr Khater Massad has said.
Local Arabic daily Emarat Al Youm reported rumours circulating on the internet that Massad had embezzled $5bn and fled the UAE to Britain. The allegations began over the weekend following Massad’s departure from RAK Ceramics, where he was also CEO.
“I don’t know what’s going on, somebody who probably doesn’t like me, made a stupid statement and that’s it,” said Massad. “I am sitting in my office in Ras Al Khaimah – you can come to visit me.”
“Somebody who says $5bn – its already a stupid statement,” Massad said.”The problem is there is no foundation. If I have taken $5bn cash with me in a plane, do you know how many planes requires this? It requires 5 jumbo jets.”
Massad said his contract with RAK Ceramics had ended, however he retained his position at RAKIA.
“I have already made a criminal complaint to the police and I have appointed a lawyer in the US, because it has also gone on a site hosted in the US, and I have to take legal action,” Massad said.
“We are in a country, which is a respectable country, the UAE, and how in a country like this can [you] afford or allow [people] to speak such things – it’s not nice.”
Massad has been one of the most prominent figures in the growth of Ras Al Khamiah in recent years.
Under his leadership, RAK Ceramics – which he helped found – has become the world’s largest ceramic tiles manufacturer. It is listed on the Abu Dhabi Stock Exchange with a market capitalisation of AED847m.
RAKIA has been behind the development of the emirate’s industrial zones and free zones, while Massad has also been an advisor to the Crown Prince and Deputy Ruler of Ras Al Khaimah since August 2003.
This story originally appeared on Arabian Business.
