A senior executive of Khoie Properties, the developer behind a Dh2 billion (US$545m) project on Ras al Khaimah’s man-made island of Al Marjan, has been sentenced to three years’ imprisonment for bouncing two cheques worth a total of Dh114m.
According to his lawyer, Ibrahim al Mulla, the convicted executive, who is already in jail, filed an appeal yesterday. A medical report dated June 9 states that the jailed executive suffers from serious heart problems.
La Hoya Bay is a mixed-use development on Al Marjan, a reclaimed island designed in a series of curves. The project was sold to about 800 investors, half of them from Britain, in 2007. The investors became anxious when little progress was recorded at the site.