A Abu Dhabi court on Sunday reduced the jail terms of three partners of Pan-Asia, a defunct investment company, from 943 years to terms ranging from one to three years, reported Gulf News.
The three, a UAE national and two Bahrainis, had been convicted of embezzling $156 million.
The court on Sunday sentenced the Emirati to a suspended one-year prison term, while two Bahrainis received three-year sentences.
Nearly 2,315 nationals and expatriates in the United Arab Emirates had fallen victims to the trio, Gulf News said.
Only Dh120 million ($32.7 million) has been recovered from bank accounts, the paper said.
Following the court ruling, the victims may now claim their money. Some investors have already filed civil lawsuits, and others were waiting for the court's ruling, said the paper – Albawaba.com
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