Khater Massaad’s Former Georgian Chief Aide Ordered to Pay Rakeen Uptown Development Up to US$ 1.7 Million / Over 6 Million AED

Aug 04, 2016, 12:21 ET from RAK Media Office

RAS AL KHAIMAH, UAE, August 4, 2016 /PRNewswire/ --

Yesterday Judge Chuniashvili gave her final judgment in the civil case of Rakeen Uptown Development LLC (a subsidiary of Rakeen Development PJSC) v Gela Mikadze (former CEO of Rakeen Uptown Development and Ras Al Khaimah Investment Authority Georgia) and Tecberg Projects LLP (an entity associated with Mr Mikadze).

In the judgment, Mikadze and Tecberg have been ordered to jointly pay Rakeen Uptown Development US$ 1,736,000 plus the GEL 5,000 court fee in respect of claims of breach of duties as director, embezzlement and fraud. Mikadze was appointed by and closely associated with Khater Massaad, who is himself currently under investigation in numerous jurisdictions for allegedly embezzling and mis-managing funds valued at approximately US$1.5 billion.

This is the first in a series of Georgian cases brought by RAK entities against Mr Mikadze, Dr Massaad and their associates to reach judgment. A majority-owned subsidiary of Rakeen Development PJSC, Rakeen Construction, has brought a case against Dr Massaad comprising of similar claims against him. Dr Massaad and Mr Mikadze are also co-defendants in another similar civil case brought by Rakeen Construction.

SOURCE RAK Media Office