The United Arab Emirates (UAE) Ambassador to Bangladesh, Abdulla Ali Abdulla Alhmoudi, has sought cooperation for the expeditious disposal of an appeal pending in the High Court regarding the forfeiture of shares held in Bangladesh by Dr Khater Massaad, former chief executive officer of the Ras Al Khaimah Investment Authority.
Massaad faces charges of embezzling over $1 billion in public funds.
Ambassador Alhmoudi met Attorney General Md Ruhul Quddus Kazal at his office on Wednesday to request assistance in accelerating the legal process.
Speaking after the meeting, Attorney General Kazal stated that the state’s initiatives to assist the UAE will continue and be further expedited.
According to records, Dr Khatir Massaad served as the chief executive officer of the Ras Al Khaimah Investment Authority from 2005 to 2012.
During his tenure, he reportedly embezzled over $1 billion in government funds, a portion of which was laundered into Bangladesh and invested across three local companies.
Official documents show that his investments comprise 65,337,000 shares in the first company, 23,125,000 shares in the second, and 44,716,080 shares in the third.
Under a Mutual Legal Assistance treaty signed between Bangladesh and the UAE, the Government of Ras Al Khaimah formally notified the Bangladesh Government on 14 May 2018, requesting the seizure of the assets through the Attorney General’s Office.
In response, the Attorney General’s Office submitted an application to the Metropolitan Senior Special Judge’s Court under Section 26(4) of the Money Laundering Prevention Act, 2012.
Following a hearing, the trial court granted the order to forfeit the shares on 4 January 2021.
Challenging the legality of the lower court’s order, Dr Khatir Massaad filed Appeal Case No. 1011/2021 in the High Court, which accepted the petition for hearing where it currently remains pending.
Deputy Attorney General Osman Chowdhury stated that the UAE ambassador visited the Attorney General’s Office to seek assistance regarding the pending litigation, specifically requesting a prompt hearing to dismiss the appeal.
