AK Investment Holding Limited regrets to confirm that, on February 10, its founder and chairman, Mr. Aleksei Korotaev, was taken into custody upon his arrival at Dubai international airport because of a complaint filed in relation to an uncleared cheque that he signed (which was not related to any investment made by AKIHL or in Mr. Korotaev's personal name). In the UAE, non-clearance of cheques has a custodial requirement until matters of clearance are resolved. As a result of this UAE Federal law, until a resolution is reached, the accused's assets are frozen pending a full and final investigation of all related parties to the case.
We have established a task force to address this issue as a priority and have engaged with forensic legal and financial experts regarding this matter. An internal investigation has also been launched. We have been liaising with local law enforcement agencies and the local justice system as, in our opinion, Mr. Korotaev is the victim of a misunderstanding following an honest mistake or worse, a fraudulent act designed to discredit him.
Mr. Korotaev is currently awaiting bail approval to be given and has been fully transparent and cooperative with legal authorities on all the facts, timeline and figures. In parallel, Mr. Korotaev has officially filed criminal complaints against two directors of an asset management firm and a case is being built against the firm's main client, who we believe is instrumental in the fraudulent acts we believe were committed against Mr. Korotaev.
We fully appreciate that this situation has caused great concern for his family, friends, business partners, local authorities, shareholders of his companies and his employees. Mr. Korotaev would like to express his deepest regrets and sincere apologies to all parties related to him personally and professionally, but is confident that the legal team and advisors who are engaged will be able to resolve this matter fully and with complete personal exoneration.
We will issue a statement on our website as soon as new information is available with more details on pending matters that need to be addressed by Mr. Korotaev personally. Until then, no further communication will be made. In the meantime, we remain fully available to address any urgent business matters on his behalf. Please send all queries by email to
[email protected]
- AK Investment Holding Limited
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