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Friday, 06 August 2021

Cairo court sentences 3 oil executives to life on embezzlement charges

Two of the defendants were found guilty of embezzling nearly $1 billion from corporate funds and transferring the money to the third defendant's bank account for their own benefit

MENA , Wednesday 26 May 2021
Cairo
A view of the High Court of Justice in Cairo, Egypt (Reuters)
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Cairo Criminal Court has sentenced three oil executives to life in jail for embezzling nearly $1 billion from corporate funds and ordered the seized funds to be paid back.

Two of the defendants were found guilty of embezzling nearly $1 billion from corporate funds and transferring the money to the third defendant's bank account for their own benefit.

Investigations revealed that the defendants exploited their job positions as public servants working together for Tri-Ocean Energy company and manipulated the company's books to send millions of dollars to a bank account of a "bogus" company they established in the Cayman Islands to use it for their fraudulent practices.

The Commercial International Bank (CIB) owns 15 percent of Tri-Ocean.

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