Court jails Jordanian businessman Shamaylih on counts of fraud
Jordanian businessman Majd Sami Shamaylih has been sentenced to six years in jail and ordered to return more than 11.7 million Jordanian dinars ($16 million) he was found guilty of stealing, reported Al-Watan.
The decision closed Shamaylih’s state security trial on Wednesday, September 17, 2003, regarding the defrauding of three major banks in the Kingdom of 72.5 million Jordanian dinars ($102 million). He was sentenced on two counts of fraud and forgery of a document for personal gain but was acquitted on charges of using official documents and stamps.
Shamaylih was accused of having secured un-guaranteed bank loans and credits worth more than $100 million. As the general manager of the Global Business Company, he obtained the funds as credit facilities to support his business. Of the total loans, JD 44 million were extended by the Jordan National Bank, JD 20 million by the Investment and Finance Bank and JD 8.5 by the Jordan Gulf Bank.
Corruption charges have been filed in the past against Shamaylih, the son of an ex-ambassador, who is also married to the daughter of a Jordanian diplomat. Shamaylih formed his company in 1998. The firm markets computers, communications equipment, and security systems and provides Information Technology (IT) services. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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