Jul 02 2012
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Rakia chief denies $5bn swindle rumour
CEO says he is in UK on official Rakia business
Khater Massaad was reacting to rumour circulated on mobile phones and some websites that he had swindled the money and fled to the UK in his private jet, the Arabic language daily Emarat Al Youm said.
"These are mere rumours that have hurt my reputation...I have traveled to the UK on an official trip as part of my work with Rakia," he told the paper.
The paper also quoted police sources in the northern emirate as saying they have not received any reports about embezzlement within Rakia, which was established in 2005 to attract capital to the emirate.
© Emirates 24|7 2012
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