Australian execs jailed over Dubai property deal

Two Australian executives have been sentenced in Dubai to 10 years’ jail on property fraud charges, while a third accused has been found not guilty, according to media reports.

The men have been embroiled in a four-year battle against Australian developer Sunland over a multi-million dollar project at Nakheel?s cancelled Dubai Waterfront development.

The Ruler?s Court on Monday found Matt Joyce and Angus Reed had defrauded Sunland of $14m over the property deal, each taking a cut, while their junior colleague Marcus Lee had not benefitted.

Joyce also was fined $25m.Joyce and Lee have been under house arrest in Dubai since being released on bail four years ago, while Reed, who is in Melbourne, was tried in absentia.

via Australian execs jailed over Dubai property deal – Real Estate –