12 August 2009
Malika Karoum, who previously held senior positions at three Dubai-based real estate companies, including Omniyat Properties, ACI Real Estate and Define Properties, has been convicted by an Egyptian court on charges of money laundering and involvement in weapons trading, media reported yesterday.
Karoum had been in jail for the past six months in Egypt, where the Ismailiya State Security Court convicted her in April of money laundering and involvement in weapons trading, but acquitted her of espionage, said Netherland-based Revue magazine.
She was sentenced to 28 months in prison and the Court of Appeal upheld the decision last month.
Jacques Smits, an Amsterdam private investigator and former policeman, had been on Karoum's trail since January last year, the magazine said.
Smits only managed to get Karoum by phone.
The magazine reported on Karoum's connection with the Dutch company Palm Invest, which has come under the spotlight for alleged fraud.
Karoum's old boss at Omniyat took her with him in June last year when he launched Define Properties.
Define had 12 lots on Nakheel's Waterfront site, and relied heavily for funds on a key Karoum contact, an alleged Egyptian arms dealer.
But when stories began circulating about Karoum, her boss sacked her.
Later, Define could not raise enough capital and ACI Real Estate took over some of its properties.
Malika Karoum, who previously held senior positions at three Dubai-based real estate companies, including Omniyat Properties, ACI Real Estate and Define Properties, has been convicted by an Egyptian court on charges of money laundering and involvement in weapons trading, media reported yesterday.
Karoum had been in jail for the past six months in Egypt, where the Ismailiya State Security Court convicted her in April of money laundering and involvement in weapons trading, but acquitted her of espionage, said Netherland-based Revue magazine.
She was sentenced to 28 months in prison and the Court of Appeal upheld the decision last month.
Jacques Smits, an Amsterdam private investigator and former policeman, had been on Karoum's trail since January last year, the magazine said.
Smits only managed to get Karoum by phone.
The magazine reported on Karoum's connection with the Dutch company Palm Invest, which has come under the spotlight for alleged fraud.
Karoum's old boss at Omniyat took her with him in June last year when he launched Define Properties.
Define had 12 lots on Nakheel's Waterfront site, and relied heavily for funds on a key Karoum contact, an alleged Egyptian arms dealer.
But when stories began circulating about Karoum, her boss sacked her.
Later, Define could not raise enough capital and ACI Real Estate took over some of its properties.
By Staff Writer
© Emirates Business 24/7 2009
