Qatar Finance Minister Ali Sherif al-Emadi got arrested, officials said on Thursday. He is charged under embezzlement allegations and stripped of his duties. While, the administrative office of Emir Sheikh Tamim bin Hamad al-Thani said the Emir had relieved Emadi of his duties, which would now be handled by the trade and industry minister, Ali bin Ahmed Al Kuwari.

Emadi has been minister of finance in the wealthy Gulf Arab state since 2013. In a statement carried by state news agency QNA, the public prosecutor said an investigation is underway. Emadi is being questioned for allegations against him of embezzlement, abuse of power and crimes related to the public sector. Foreign Minister and QIA chairman Sheikh Mohammed bin Abdulrahman Al-Thani spoke about his arrest and said the investigation was related to Emadi`s capacity as finance minister, and not to his posts at either the sovereign fund or the bank. Sheikh Mohammed added “There are no allegations related to his roles in any other entities. We are confident that our companies and entities are running the highest levels of corporate governance and we are conducting regular reviews and audits for the governance of our companies.” Further he assured saying business is continuing as usual in our companies and our sovereign wealth fund. He declined to provide further details of what he described as an ongoing investigation.

Qatar, a leading producer of liquefied natural gas. It will host the men`s soccer World Cup which is next year. The organization has invested heavily in infrastructure over the past few years ahead of the event, which means spending on major projects is set to decrease this year.

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