Confidential — UAE Criminal Court Intelligence Report

Sharjah Case 301/2016 — Martin Graham / Oaktree Capital

Criminal conviction in absentia · $264M theft allegation · Conviction quashed · Case fully resolved

GLCRI-2026-UAE-SHJ-301CRIMINAL — Theft In AbsentiaCONVICTION QUASHED Jan 2017UK Extradition Dismissed Sep 2016

Defendant

Martin Graham

Employer

Oaktree Capital Group

Amount Alleged

USD $264 Million

Final Outcome

FULLY CLEARED

CASE FULLY RESOLVED — Both Jurisdictions — Martin Graham CLEARED

UK (27 Sep 2016): London judge dismissed extradition warrant — Crown Prosecution Service found insufficient evidence. | UAE (Jan 2017): Sharjah prosecutor dropped the case. Conviction quashed. Interpol arrest warrant cancelled. Graham remained SVP at Oaktree Capital.

Case Reference301/2016 — Sharjah Courts (Dar Al Qaza)

Court (UAE)Dar Al Qaza — Sharjah Criminal / First Instance Court

UK CourtWestminster Magistrates Court, London (extradition proceedings)

DefendantMartin Graham — British National, Senior VP, Oaktree Capital Group LLC, London

Case TypeCRIMINAL — Theft / Embezzlement (سرقة) — tried and convicted IN ABSENTIA

ConvictionPre–June 2016 — Convicted in absentia (Graham not present in UAE, no legal defence conducted in UAE)

Sentence3 YEARS IMPRISONMENT (in absentia)

Amount Alleged StolenUSD $264 million (out of $644 million total PDVSA arbitration award paid to GOME)

ComplainantJean-Michel Tissier — Former Managing Director, Gulmar Group

Interpol NoticeRed Notice issued — triggered UK arrest

UK Arrest Date21 June 2016 — Westminster Magistrates Court, London

UK Extradition Dismissed27 September 2016 — CPS found insufficient evidence; London judge dismissed warrant

UAE Conviction Quashed~20 January 2017 — Sharjah prosecutor dropped all charges; conviction quashed; warrant cancelled

Final StatusFULLY CLEARED — No conviction, no extradition, no outstanding warrant in any jurisdiction

The Core Commercial Dispute

This is fundamentally a dispute about who was entitled to a massive international arbitration windfall — and whether Oaktree Capital, acting through its representative Martin Graham, diverted funds belonging to the Gulmar Group founders.

Step 1 — Venezuela Seizes Assets

Venezuela's state oil company PDVSA seized the assets of Gulmar Offshore Middle East (GOME) — a subsidiary of Gulmar Group, an international underwater engineering contractor. Oaktree Capital had invested in Gulmar Group.

Step 2 — Arbitration Award: $644 Million

GOME pursued international arbitration (London Maritime Arbitrators Association — LMAA) against PDVSA for the seized assets. GOME was awarded $644 million. PDVSA paid this arbitration award to GOME.

Step 3 — The Allegation: $264M Diverted

Jean-Michel Tissier (former MD of Gulmar Group) alleged that Martin Graham, acting on behalf of Oaktree Capital, diverted $264 million of the $644M award — funds Tissier claimed belonged to Gulmar Group and its stakeholders, not to Oaktree. Graham and Oaktree denied all wrongdoing, maintaining the distributions were lawful and appropriate.

Step 4 — Criminal Complaint Filed in Sharjah

Rather than pursuing civil/commercial proceedings, Tissier filed a criminal complaint in Sharjah, alleging the diversion constituted theft. The Sharjah court convicted Graham in absentia and sentenced him to 3 years. Graham was not in the UAE and did not know of the proceedings until the Interpol notice was issued.

Step 5 — Both Jurisdictions Cleared Graham

AlixPartners (GOME's independent administrator) conducted an internal investigation and found no wrongdoing by Graham. UK courts found insufficient evidence. Sharjah eventually quashed the conviction. Gulmar Group subsequently went into liquidation; GOME into administration.

Pre–June 2016

CONFIRMED

Sharjah Criminal Conviction in Absentia

Martin Graham convicted in absentia by a Sharjah Court of stealing $264 million. Sentenced to 3 years in prison. Graham was not present in the UAE and did not defend himself at trial. An Interpol Red Notice issued to facilitate international arrest.

21 June 2016

CONFIRMED

Arrested in London — Westminster Magistrates Court

British authorities arrested Martin Graham in London at the request of UAE officials following the Interpol notice. He appeared at Westminster Magistrates' Court on 21 June 2016 and was provisionally released pending extradition proceedings. Oaktree Capital publicly stated full support for Graham and expected the conviction would be overturned.

June – September 2016

CONFIRMED

UK Extradition Proceedings

Extradition hearing conducted in England. Crown Prosecution Service (CPS) reviewed the UAE's evidence package submitted in support of the warrant. Oaktree Capital and Graham's legal team (Debevoise & Plimpton) contested the extradition vigorously. AlixPartners, administrator of Gulmar Offshore Middle East, conducted an independent internal investigation and found NO wrongdoing on the part of Graham.

27 September 2016

CONFIRMED

UK Extradition DISMISSED — Insufficient Evidence

A London judge dismissed the UAE extradition warrant against Martin Graham. The Crown Prosecution Service stated there was insufficient evidence to support the case. Graham sat quietly in the back of the courtroom and declined to comment after the hearing. He was not extradited to the UAE.

~20 January 2017

CONFIRMED

UAE Conviction QUASHED — Case Dropped by Sharjah Prosecutor

UAE authorities quashed the Sharjah conviction. The Sharjah prosecutor dropped the case against Martin Graham. Oaktree's vice chairman John Frank stated: "It was clear from the outset that Martin conducted himself appropriately at all times and that the Sharjah conviction in absentia was horribly unfair. We're pleased that Martin's conviction has been dismissed and that this issue is now fully resolved in Martin's favour." The UAE also cancelled the Interpol arrest warrant.

January 2017 Onwards

CONFIRMED

Full Resolution — Graham Cleared in Both Jurisdictions

Martin Graham remained a Senior Vice President at Oaktree Capital. All legal proceedings — both UK and UAE — concluded in his favour. Gulmar Group entered liquidation. GOME (Gulmar Offshore Middle East) entered administration under AlixPartners. The PDVSA arbitration award dispute was the underlying commercial trigger for the criminal allegation.

Strictly Confidential — GLCRI Intelligence Unit

All information confirmed via Bloomberg, Financial Times, Wall Street Journal, Global Arbitration Review, Detained in Dubai, and TradeWinds. Martin Graham was cleared in all jurisdictions. No outstanding proceedings as of report date.