Former employee sued by Dubai World in US court
Herve Jaubert, a former Dubai World employee charged with fraud and theft, is being sued by the company in a US federal court in Southern Florida. Disguised as an Arab woman in burkha, Jaubert had managed to flee from the UAE in a ship; and reached Mumbai, India, before moving on to Florida, where he now lives.
The accusations against Jaubert are that he embezzled nearly $3.8 million (Dh13.95 million), while he worked as chief executive of Exomos (formerly known as Palm Submarine), a subsidiary of Dubai World, established to design and build leisure submarines.
Though the charges were denied by Jaubert, he was sentenced to five years in prison by the Dubai Criminal Court when he was found guilty in absentia of fraud and theft. Apart from this, he was also instructed to pay a fine of Dh 14 million.
Dubai World said in a statement yesterday: "The suit is in Florida because Mr Jaubert chose to flee there from the UAE instead of signing an agreement he had made with Dubai World to repay money he stole from the company."
"Dubai World's internal auditors estimated the money he stole at a minimum of $1.35 million. Additionally, through a pattern of repeated fraudulent acts, Herve Jaubert caused Exomos to incur operating deficits and capital expenditures of over $31 million," informed a Dubai World spokesperson, when he was contacted regarding the matter.
Furthermore, the company specified that it is optimistic that the US court will arrive at the same decision as a Dubai court did in April. The decision was that Jaubert abused the power of his position in order to whip millions of dollars from Dubai World.
The spokesperson concluded, "Exomos is no longer operational and its facility is being used by another Dubai World company to build yachts."
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