Business partners acquitted of laundering BD20 million

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

The Cassation Court, Bahrain’s highest court, upheld the acquittal of a Bahraini businessman and his partner who were accused of laundering BD20 million and manipulating documents.

The businessman and his partner are said to have laundered the amount by manipulating the accounts of a local telecommunication company.

The businessman, 38, was a board member of the telecommunications company and he seized his ownership of another telecommunications company to make suspicious bank transfers and deposits which contributed to damaging the other company, in which he was a board member.

The amount he netted from such transactions amounted to BD20 million, according to court files. He reportedly signed contracts between his company and the other firm for the exclusive use of some internet services, from which he generated BD14 million. The businessman is said to have falsified account information to fool the owners of the affected company that it had managed to achieve the profitability targets.

Such a trick allowed him to obtain profits of more than BD1.5 million. The businessman’s co-defendant was a board member of the company.