Tamweel axes Al-Shirawi from board
by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 15 September 2008
Dubai mortgage lender Tamweel said on Monday it had removed former chief executive officer Adel Al-Shirawi, who is being questioned by police as part of a corruption probe, from its board of directors.
The move comes a day after Istithmar World suspended Shirawi as its vice-chairman and removed him as a board director "in light of ongoing investigations".
"The board of directors approved the... resolution that Adel al-Shirawi be removed from the membership of the board of directors of Tamweel with immediate affect," the Islamic mortgage lender said in a statement on the Dubai International Financial Exchange (DIFX), where it lists Islamic bonds.
The firm said it had yet to appoint a replacement.
Istithmar World, a unit of state-owned Dubai World, said in August that Al-Shirawi and its chief financial officer Feras Kalthoum were being investigated for alleged wrongdoing while in their previous positions at Tamweel.
Istithmar World is the largest shareholder in Tamweel, with a 21.6 percent stake.
Tamweel's shares fell 0.24 percent on Monday and have shed almost a quarter of their value since the probe was made public in mid-August.
The investigation is one of a series by Dubai police into alleged financial irregularities involving companies based in the Gulf Arab trade and tourism hub. (Reuters)
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