Former CEO of Rakia

A month after the former head of Rakeen Georgia, a property developer, was convicted in a court here, he has been charged with fraud in Georgia.
The Ras Al Khaimah (RAK) Criminal Court last May sentenced Gela Mikadze, along with Khater Massaad, the former CEO of RAK Investment Authority (Rakia), in absentia to 15 years in prison and ordered them to repay $17.2 million they embezzled from Rakia.
Massaad appointed Mikadze as CEO of Rakeen Georgia while the former was the CEO of Rakia.
Now, the ex-chief of Rakeen Georgia has been found guilty of serious scam in the Tbilisi City Court, Georgia. Last Friday, Tbilisi City Court Judge Maia Svianadze ordered Georgia Golf & Resort LLC, a company connected to Mikadze, to return land that he stole from Rakeen Georgia. The case revolves around 951 hectares of land in Mukhrovani that was bought by Mikadze on behalf of Rakeen Georgia.
The Georgian court has stated that Massaad, alongside Mikadze and another defendant George Janashia had "intentionally caused damages to the money and interests of the authority for which they work".
The land was bought in 2007 from a close associate of Mikadze for approximately $16.45 million (Dh60.42million), more than 10 times the actual value of the land.
Massaad fled the UAE in 2012 and is currently in Saudi Arabia, awaiting extradition to the UAE.

source: Khaleejtimes