Qatar finance minister arrested in excess of embezzlement allegations

Qatar’s Minister of Finance Ali Sherif Al Emadi speaks at the Qatar British isles Business enterprise and Expenditure Discussion board in London, Britain March 27, 2017 REUTERS/Neil Corridor

Qatar Finance Minister Ali Sherif al-Emadi was arrested about embezzlement allegations and stripped of his obligations, officers said on Thursday.

In a statement carried by point out news agency QNA, the public prosecutor mentioned Emadi was getting questioned about allegations of embezzlement, abuse of power and crimes related to the community sector. An investigation was beneath way.

The administrative business of Emir Sheikh Tamim bin Hamad al-Thani mentioned the Emir experienced relieved Emadi of his responsibilities, which would now be dealt with by the trade and market minister, Ali bin Ahmed Al Kuwari.

Emadi has been minister of finance in the wealthy Gulf Arab condition given that 2013 and sits on the board of its powerful $300 billion sovereign prosperity fund, the Qatar Investment decision Authority (QIA).

He is also chairman of the board of administrators of Qatar Countrywide Financial institution (QNB), the most significant lender in the Middle East and Africa.

Overseas Minister and QIA chairman Sheikh Mohammed bin Abdulrahman Al-Thani explained the investigation was linked to Emadi’s potential as finance minister, and not to his posts at both the sovereign fund or the bank.

“There are no allegations linked to his roles in any other entities. We are self-confident that our companies and entities are working the maximum concentrations of corporate governance and we are conducting normal critiques and audits for the governance of our organizations,” Sheikh Mohammed reported.

“Business is continuing as regular in our firms and our sovereign prosperity fund,” he extra. He declined to provide further aspects of what he described as an ongoing investigation.

There was not quick remark from the QNB and the QIA.

Emadi steered Qatar’s economic policies through the 2014-2015 oil selling price crash that prompted the small country – as perfectly as other Gulf international locations – to accelerate programs to diversify the economic system.

Qatar, a main producer of liquefied natural gas, saw its economy shrink by 3.7% last yr in the course of the coronavirus pandemic and lessen world strength demand.

Having said that, the contraction was fewer serious than envisioned and the smallest in the Gulf area, according to the Intercontinental Monetary Fund. Emadi was named as 2020’s most effective minister in the region by The Banker, an worldwide economic magazine.

Qatar, which future year will host the men’s soccer Earth Cup, has invested seriously in infrastructure in excess of the earlier couple many years forward of the celebration, which means expending on main initiatives is established to lessen this year.

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