Article 453 “Any person who embezzles, uses, or disperses money, documents, or any other movable property, to inflict damage to their rightful owners and when they are delivered to such person on the basis of a deposit, lease, mortgage, loan for consumption, or agency, shall be liable to a jail sentence or a fine. In applying this provision, the co-owner in a common property, and the officious intermeddler managing the property of the concerned person, and the person who receives an asset to be used for a specific purpose to the benefit of its owner or another, shall be deemed as the agent.”
Article 454 of the UAE Penal Code also states that, “any person who takes possession of lost property owned to another, with the intent to own it, or who knowingly takes possession of a property held by him by mistake or due to a force majeure, shall be liable to a jail sentence for a period not exceeding two (2) years or a fine not less than AED twenty thousand (20,000).”
Additionally, in accordance with Article 455 of the UAE Penal Code, “any person who embezzles or attempts to embezzle a movable property that he has mortgaged as a collateral for a debt in his liability or in the liability of another person, shall be liable to the penalty prescribed in the preceding Article. The same penalty shall be imposed against the owner appointed as a receiver on his own movable property under a judicial or administrative seizure, who embezzles any of the same.”
