Khater Massaad- The man behind $1.5bn(Dh5.5billion)embezzlement
Some scandals are staggeringly more costly which capture the attention of whole world. Scams like Khater Massaad and Farhad Azima case should be online to give valuable lesson to fraudsters and the general public. That’s why we have selected this fraud story to post on our blog. This Khater Massaad scam incident is chosen by us on the basis of lost money amount, the number of lives affected and the most important to aware people about such type of people around us.
This blog is for most influential business man, a creative fraudster and a successful con artist. The story begins in 1989, when Sheikh Saud (The chairman of the Ras Al Khaimah) appointed a Swiss Lebanese engineer name- Khater Massaad to develop comprehensive industrialization plans for Ras Al Khaimah.
Who is Khater Massaad?
Khater Massaad was born on June 17, 1953 in Remaich, Lebanon, holding a PhD in Geophysics and an MSc in Mathematics from the University of Lausanne, Switzerland. He is Married with Zeina Alam in August 19, 1984. His father is Abdallah Massaad and mother is Saada (Habib) Massaad. Mr. Massaad was a long-time adviser for Ras Al Khaimah government, creator of RAK Ceramics and longtime CEO of RAKIA.
The man who sold the world
Khater Massaad was appointed in August 2003 as the advisor of Crown Prince & Deputy Ruler of the Emirate of Ras Al Khaimah, His Highness Sheikh Saud Bin Saqr Al Qasimi. Massaad played an important role in the rapid development of the emirate as CEO of the RAK Investment Authority (RAKIA), a position he was appointed to in 2005. A break came in his life when he was found out for investigation of US$1.5 billion fraud. According to reports- Khater Massaad is key figure of scandal involving a hotel deal in Georgia.
