Former CEO of UAIC jailed

AMMAN — The judicial authority specialised with corruption cases on Tuesday sentenced a former CEO of United Arab Investors Co., Plc. (UAIC) to three years with temporary hard labour and paying fees for abuse of power.

The council of the Jordan Integrity and Anti-Corruption Commission referred the case of the UAIC and its affiliate Aman for Securities to the court in November 2013 after the two companies signed two agreements with Global Fund as the deals affected the shares of shareholders, the Jordan News Agency, Petra, reported.

Investigations revealed that the UAIC used some of the transferred amount from the fund and transferred money to people related to the CEO and affiliate companies in an illegal way, Petra added.