Tamweel deputy CEO arrested

CORRUPTION PROBE: Abdulla (pictured) has been arrested by police. (Supplied)

Tamweel’s deputy CEO has been detained by police in connection with “an ongoing investigation”, the Dubai-based Islamic mortgage lender confirmed on Tuesday.

The company made the statement after close of the Dubai stock exchange following a report of the arrest by newswire Zawya Dow Jones, which said it was in relation to an embezzlement case.

Tamweel said Abdulla Nasser Abdulla has been detained for questioning, but that it could not comment on the ongoing investigation.

The company said it has “full confidence in the judicial system in Dubai and the UAE” and that it will cooperate fully with authorities.

“As and when required, Tamweel will provide its full and complete cooperation to the government authorities conducting this investigation,” it said in the statement.

“Please rest assured that Tamweel continues to act in the best interest of the country and all its stakeholders, including its shareholders and sukuk holders.”

News of Abdulla’s arrest caused Tamweel’s share price to nosedive, closing more than 4 percent down on Tuesday after dropping as much as 7.4 percent during trading.

The detention of Abdulla is the latest in a series of highly pulicised probes into officials at major Dubai companies, and the third arrest of a senior executive to work for Tamweel.

Ex-CEO Adel Al Shirawi and former head of investments Feras Kalthoum were both arrested last month over alleged financial wrongdoings. 

Tamweel said on Aug. 21 that it is not under investigation by public prosecution and that "to the best of the company's knowledge" the investigation was limited to Al Shirawi and Kalthoum.

Abdulla has been held since Aug. 5, Zawya Dow Jones reported.

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