DUBAI (Reuters) -Qatar Finance Minister Ali Sherif al-Emadi was arrested over embezzlement allegations and stripped of his duties, officers stated on Thursday. In a press release carried by state information company QNA, the general public prosecutor stated Emadi was being questioned over allegations of embezzlement, abuse of energy and crimes associated to the general public sector. An investigation was underneath approach.
DUBAI (Reuters) -Qatar Finance Minister Ali Sherif al-Emadi was arrested over embezzlement allegations and stripped of his duties, officers stated on Thursday.
In a press release carried by state information company QNA, the general public prosecutor stated Emadi was being questioned over allegations of embezzlement, abuse of energy and crimes associated to the general public sector. An investigation was underneath approach.
The executive workplace of Emir Sheikh Tamim bin Hamad al-Thani stated the Emir had relieved Emadi of his duties, which might now be dealt with by the commerce and business minister, Ali bin Ahmed Al Kuwari.
Emadi has been a minister of finance within the rich Gulf Arab state since 2013 and sits on the board of its highly effective $ 300 billion sovereign wealth fund, the Qatar Funding Authority.
He’s additionally chairman of the board of administrators of Qatar Nationwide Financial institution, the biggest lender within the Center East and Africa.
Qatari International Minister Sheikh Mohammed bin Abdulrahman Al-Thani informed Reuters that the probe was associated to Emadi’s capability as finance minister, and to not his posts at both the sovereign fund or the financial institution.
“There aren’t any claims associated to their roles in some other entities. We’re assured that our firms and entities are working the very best ranges of company governance and we’re conducting common critiques and audits for the governance of our firms,” Sheikh Mohammed stated.
“Enterprise is continuous as common in our firms and our sovereign wealth fund,” he added. He declined to supply additional particulars of what he described as an ongoing investigation.
Emadi steered Qatar’s financial insurance policies in the course of the 2014-2015 oil worth crash that prompted the tiny nation – in addition to different Gulf nations – to speed up plans to diversify the financial system.
Qatar, a number one producer of liquefied pure fuel, noticed its financial system shrink by 3.7% final yr because of the coronavirus disaster and decrease international vitality demand.
Nonetheless, the contraction was much less extreme than anticipated and the smallest within the Gulf area, in keeping with the Worldwide Financial Fund. Emadi was named as 2020’s finest minister within the area by the Banker, a global monetary journal.
Qatar, which subsequent yr will host the soccer World Cup, has invested closely in infrastructure over the previous few years forward of the occasion, which suggests spending on main initiatives is about to lower this yr.
(Reporting by Aziz El Yaakoubi, Davide Barbuscia, Alaa Swilam and Omar Fahmy in Cairo; Enhancing by Mark Heinrich, Gareth Jones, Peter Graff)
This story has not been edited by Firstpost workers and is generated by auto-feed.