Police arrest Adel Al Shirawi

UNDER INVESTIGATION: Adel Al Shirawi.

Tamweel's former chief executive officer Adel Al Shirawi is under investigation by the Dubai public prosecution's office for alleged financial wrongdoing, a Dubai police official has said.

Al Shirawi, a national of the United Arab Emirates, was arrested on August 5 and is being investigated for alleged embezzlement and mistrust while employed by the UAE's biggest mortgage provider, Saleh Hamed, head of Bur Dubai police, told Bloomberg on Thursday.

The Dubai police have referred the case to the emirate's public prosecution office, he said. Feras Kalthoum, a former head of investments at Tamweel, was also questioned.

Al Shirawi, who stepped down as head of Tamweel in January and is currently vice chairman of Dubai's state-owned Istithmar World PJSC, didn't answer his mobile phone when called by Bloomberg.

Tamweel officials have also declined to comment as did Baqir Abdulwahid, head of public relations at the public prosecution office.

Meanwhile, telephone receptionists at Istithmar World, a Dubai government-owned investment company that manages more than $10 billion, were unable to find a company spokesman to comment.

Tamweel closed today 5.7 percent lower at 6.11 dirhams. Its shares are down 26 percent since July 23 after rumours of an investigation into the company began.

A statement released by Istithmar World on Thursday afternoon read: “Istithmar World acknowledges reports that Adel Al Shirawi and Feras Kalthoum are being questioned on certain alleged charges related to their previous positions at another company. Istithmar World is not under any investigation."

Dubai's Islamic mortgage lender Tamweel said on Thursday it had not been informed of a reported investigation involving its former chief executive, adding that any such probe would not affect its performance.

"Tamweel... has received no formal notification of such an investigation from the relevant authorities," it said in a statement posted on the bourse website.

"The company also wishes to reassure its shareholders and investors that these reports of an alleged investigation, if proven, will have no impact on the future profitability and financial strength of the company, whose activities continue to progress as planned."

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READERS' COMMENTS

Who knows?
Posted by Musthafa on Monday 18 August 2008 at 07:51 UAE time

Investigation is on financial wrong doing at Tamweel. But Tamweel is not aware of the investigation! Then on whose complaint, police is investigating? Its own? What triggered the investigation?

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