The acting CEO of Ras Al Khaimah Investment and Development Board has been arrested in the US for his alleged involvement in a spectacular fraud case that saw one of the largest corporate collapses in history.
Steve Davis was chairman of the prestigious Dewey & LeBoueuf law firm during the global financial crisis, when he and two other executives are accused of deliberately falsifying accounts to avoid violating the terms of the firm’s bank loans.
He is facing several serious charges, including grand larceny and fraud worth hundreds of millions of dollars.
The 106-year-old company, which had offices in the UAE, eventually collapsed and filed for bankruptcy in May 2012.
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