Dubai police said that a former managing director of League Championship club Leeds United "has been arrested in Dubai on charges of embezzling" 23.7M dirhams ($6.45M) from an investment bank he used to work for, according to Smith & French of REUTERS.
DAVID HAIGH, who until March was deputy CEO of Dubai-based GFH Capital, a unit of Bahrain’s Gulf Finance House, "has been referred to Dubai’s public prosecutor for trial."A police statement said,
"The company discovered the legal irregularities committed by Haigh when it conducted its annual internal accounting audit" (REUTERS, 5/26). ARABIAN BUSINESS reported GFH Capital said that the arrest of Haigh "is unrelated to the firm's recent sale" of a 75% stake in Leeds United. GFH Capital SEO JINESH PATEL said, "The issues that have been referred to the Dubai and U.K. authorities are unrelated to GFH Capital’s relationship with Mr. MASSIMO CELLINO." GFH Capital said that Dubai Police's investigations "are ongoing," adding that it was "not appropriate" to comment in any detail on their inquiries at the moment (ARABIAN BUSINESS, 5/26).
