Prominent Swiss businessman has assets frozen and warns investors
Award-winning businessman and innovator, Dr Khater Massaad, has warned investors to stay away from Ras Al Khaimah after years of fighting off frivolous Interpol notices, extradition requests and international freezing orders that have no legal basis.
The ruler of Ras Al Khaimah, Sheikh Saud bin Saqr al Qasimi, has asked Bangladesh to freeze the assets of former advisor Dr Khater Massad, and the man behind RAK Ceramics and RAKIA, in an attempt to seize money that simply doesn’t belong to him.
While fighting off frivolous claims, Khater Massaad has taken the opportunity to warn foreign investors of the dangers of doing business in Ras Al Khaimah, UAE.
“Ruler Sheikh Saud is using diplomatic channels to try to steal money from foreign investors and this puts every investor at risk. He has jailed foreigners, put them on Interpol and used his own personal courts to issue judgments in his favour. He then uses these judgments to pursue other people’s money abroad”, said Radha Stirling, CEO of Detained in Dubai and Due Process International.
Khater Massaad brought in billions to the tiny northern emirate during his tenure but is now warning others of the risks of doing business in the UAE. “Investors need to understand that Ras Al Khaimah is a very dangerous place to do business. There is no due process. You can not defend yourself in court and you can be jailed without charge to clear the pathway to steal your assets. This is no place to do business”, said Dr Massaad, award-winning former CEO of RAKIA and RAK Ceramics.
Due Process International and the Gulf Investment Monitor have contacted the Business Councils in the Gulf region to encourage them to warn and safeguard citizens against the serious risk of human rights abuses, imprisonment and even torture, if a greedy business partner or Sheikh wishes to take their money.
Read the full article at Oro Media