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UAE/Ras Al Khaimah: High Court in London backs Rakia in fraud case

The High Court in London has ruled in favour of the Ras Al-Khaimah Investment Authority (Rakia) in a fraud case against United States citizen Farhad Azima, in a judgement issued on 22 May. As a result, Azima has been ordered to repay Rakia at least $4.2m.The case related to dealings between Rakia and Azima which stemmed from the controversial US-Iranian businessman’s friendship with former Rakia chief executive Dr Khater Massaad. The judge upheld Rakia’s claims involving two deals.

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