I-Mate Brought Down by $15 Million Fraud

­An ongoing mystery over the apparent closure of Dubai based smartphone manufacturer, i-mate became a bit clearer when CEO Jim Morrison confirmed that the company had been hit by a US$15 million fraud.

"This is the first time I have ever wanted to murder someone. Eight years of my life I put into this. Personally I have lost about $6m, cash," Morrison told Arabian Business in a phone interview.

Asked if he had any contact with the former employee he blames for the firm's downfall, Morrison said: "Not except for him greetin (crying) on the phone and pleading that I don't put him in jail. Apart from that, no."

Reports that a fraud had taken place have been swirling for several days without confirmation.

All 40 of the company's staff in Dubai are expected to lose their jobs. The company has around 120 staff worldwide and subcontracted its manufacturing to 3rd parties.

i-mate  was founded in 2001 by now CEO Jim Morrison, who was originally involved in the team at O2 that designed the first O2 Xda Pocket PC phone. Last October the company delisted its shares from the London based AIM stock market in order to save around US$2 million a year in listing costs.

On the web: Arabian Business

Posted to the site on 28th September 2009