Wealth fund chief backs corruption probe

BACKING GIVEN: Al Shaibani has praised Dubai's crackdown on corruption. (Getty Images)

The CEO of sovereign wealth fund the Investment Corporation of Dubai (ICD) has come out in support of the government’s corruption crackdown, the second high-profile business figure to do so in as many days.

Mohammed Ibrahim Al Shaibani, also director-general of the Ruler’s Court, said in a statement ICD ”fully supports this drive to ensure the highest levels of corporate governance and transparency”.

“There is a clear correlation between good governance, investor confidence and corporate profitability,” Al Shaibani added.

His remarks come a day after the chairman of Deyaar Development, whose former CEO is being investigated for alleged fraud, publicly backed Dubai's zero tolerance pledge on corruption.

The Dubai public prosecutor said on Sunday the government takes corruption very seriously and would not hesitate to prosecute violators following news executives at several high-profile companies are being investigated on suspicion of exploiting their positions to make illegal profits.

Last week mortgage lender Tamweel's former chief executive, Adel Al Shirawi, and head of investments were named as part of the investigation, and Nakheel confirmed one of its staff was also being questioned by police.

Deyaar’s former CEO Zack Shahin stepped down earlier this year amid a police probe into financial irregularities at the company. Shahin, two other company officials and a fourth person were detained and questioned in connection with alleged fraud.

Two senior executives at Dubai Islamic Bank were also detained earlier this year in a separate probe into financial irregularities.

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