$1.5bn embezzler arrested

JEDDAH: A businessman accused of stealing $1.5 billion while working in the UAE could face extradition to the UAE after being detained in Jeddah. Khater Massaad at one point ran the sovereign wealth fund of Ras Al-Khaimah.
Ras Al-Khaimah last month accused him of stealing while heading the fund. A report carried on Emirati state media said he fled the country after questions about his business activities arose in 2012.
A statement released to AP on Massaad’s behalf Wednesday said he was taken into custody the previous day in Jeddah, based on a UAE arrest warrant.
Massaad holds Swiss citizenship and has business interests in several countries.
The government of Ras Al-Khaimah said Wednesday the warrant follows Massaad’s conviction in absentia last October for fraud and other criminal activity.
The emirate is also seeking his arrest on additional charges of fraud and diversion of public funds in relation to a seaport project in the country of Georgia. It said it will work with Saudi authorities to ensure he is returned to the Emirates to stand trial.