Aviation Businessman Must Pay UAE Fund $4M For Fraud

Law360, London (May 22, 2020, 6:46 PM BST) -- A London judge ordered an aviation magnate Friday to pay an Emirati state-owned fund more than $4 million, ruling the businessman lied about his investment in a pilot training academy and bribed a public official in connection with the sale of a luxury hotel.

Andrew Lenon QC, sitting as a judge of the High Court, said Farhad Azima defrauded the Ras Al Khaimah Investment Authority into paying out compensation over a failed joint-venture.

Azima knew his company had invested $167,000 in a flight simulator as part of a business venture with the authority, yet later claimed and received a $2.6 million...

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