A bank in Dubai is said to have played a role in the long imprisonment of Ryan Cornelius, a 71-year-old British businessman. His brother-in-law claims that Cornelius is facing a 30-year sentence, which could keep him behind bars until he’s 84.
Dubai Islamic Bank (DIB), known for promoting Islamic banking values, is projected to make over $2 billion in profits this year, per a recent report.
Cornelius was arrested back in 2008 and found guilty of bank fraud in 2011 alongside three others. Having already spent 17 years in prison, he saw his sentence extended for another 20 years in 2018, at the bank’s request. This means he won’t be eligible for release until 2038. He’s accused of not repaying loans linked to business transactions, a claim he disputes, and a Dubai court has ruled that he owes $432 million.
The bank initiated legal action to retrieve the loan, utilizing a law that lengthens prison sentences for those unable to repay fraudulent gains.
Meanwhile, Cornelius’ wife, Heather, is reported to be homeless and lacks the means to secure her husband’s release.
DIB has seized all of his assets, including a real estate project called Plantation Land, which is now valued over $3 billion. After development, the land’s worth could exceed the remaining balance on his loan.
Cornelius was taken into custody in May 2008 while traveling back to Bahrain from Karachi, Pakistan, allegedly due to a request from DIB. His brother-in-law mentions that they were supposed to repay a $10 million amount earlier than scheduled.
The situation is garnering attention as 146 British MPs have urged Dubai to consider clemency. Khalid Saud Al Qasimi, the UAE’s deputy ambassador in London, confirmed last week that he met with Tim Roca, a Labour MP, to discuss this matter with relevant Dubai authorities.
Several MPs, including Iain Duncan Smith and Tim Clement-Jones, visited the UAE embassy in London recently to deliver the letter. However, only one MP ended up meeting an Emirati diplomat.
Lawmakers are hopeful that UAE National Day on December 2nd, a day often associated with amnesty by UAE leaders, might present an opportunity to resolve Cornelius’ situation. A similar plea last year did not yield any response from the UAE.
In 2022, a UN group determined that Cornelius was being arbitrarily detained, noting that a judge extended his sentence in a hearing that resembled neither a regular trial nor a fair process. The UAE did not reply to the UN’s request for information.
The letter from MPs, respectfully drafted, highlights that by 2038, Cornelius will have spent three decades in prison.
DIB’s chairman, Mohammed Al Shaibani, also leads the Dubai Governance Court, but there’s no suggestion he exerted any influence over the court’s decisions. The bank has publicly positioned itself as a pioneer in Islamic principles, emphasizing morality, equality, and transparency in its operations.
This bank, serving five million customers, reported a pre-tax profit of £2.01 billion within the first ten months of the year, raising its assets to £82 billion. They state that judicial sentencing falls under an independent judiciary’s authority.
Cornelius spent his initial six weeks of detention in solitary confinement. The UN reported that DIB began seizing his assets, including his London home. He was tried in 2010, but the case was initially dismissed due to lack of evidence, though he remained imprisoned. During a retrial, he, along with others, faced new charges effectively redefining his loans as state theft. He was sentenced to ten years and also fined $500 million.
Mr. Roca commented, “There are two sides to this. Disputes over fraud exist, which he denies. But, at 71 years old, in prison and bankrupt, the likelihood of him repaying the owed amount seems quite low. This is a bipartisan appeal from the UK Parliament urging clemency. The relationship between the UAE and the UK holds significant importance.”
Padgett added that the amnesty appeal might encourage the ruler of Dubai to reconsider whether the ongoing harshness is worth the long-term reputational damage.
He also stated that, according to Sharia banking law, the bank should have followed a clear foreclosure process, but it appears that did not occur in Ryan’s case.
