Tuesday 24 January 2017

Oaktree extradition could be dropped

Thomas Seal and Suzi Ring

Published 06/07/2016 | 02:30

Sheets of five dollar notes are fed through a sorting machine at the Bureau of Engraving and Printing in Washington, D.C., U.S.
Sheets of five dollar notes are fed through a sorting machine at the Bureau of Engraving and Printing in Washington, D.C., U.S.

An Oaktree Capital Group executive in London wanted in the United Arab Emirates over an alleged $264m embezzlement dispute may avoid extradition, his lawyer said at a court hearing in Britain.

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A lawyer for Martin Graham - a senior vice president at the world's largest distressed-debt investor - told a London court that a potential settlement related to the case may lead to the extradition request being withdrawn.

The UAE issued a warrant after a local court sentenced the Briton last year in absentia to three years in prison, alleging he stole $264m from engineering contractor Gulmar Offshore Oil Company.

Mr Graham's lawyer, Rachel Scott, told the court that settlement talks between Gulmar and shareholders, including claimant Jean-Michel Tissier, who is behind the criminal complaint, may be resolved shortly and the warrant rescinded. It could see the conviction overturned, she said.

Mr Tissier "has secured conviction in absence for his own financial gain", Ms Scott told the court, and described her client's actions as "wholly legitimate financial dealing".

Mr Graham was overseeing Oaktree's investment as a managing director at Gulmar. (Bloomberg)

Irish Independent

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