Jailed Brit Owes $430M Before Release, Dubai Bank Says

Law360, London (June 29, 2020, 2:43 PM BST) -- A British businessman must repay $430 million to an Emirates lender before he can be released from his decade in a Dubai prison, the bank said as it dismissed his claims that a restructuring agreement barred it from clawing back the loan.

Dubai Islamic Bank PJSC said in a defense filing that Charles Ridley should refund the money before he can be set free. Ridley was sentenced to 10 years in prison in 2011 after being convicted of conspiring and bribing the bank's employees to illegally obtain a $500 million loan to build projects including a luxury hotel and equestrian center...

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