ArabianBusiness.com - Middle East Business News
Saturday, 21 November 2009 07:59 UAE time

YOUR DIRECTORY /

| Share |

Deyaar trial delayed as witness fails to show

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Wednesday, 09 September 2009
FRAUD TRIAL: Trialof ex-Chairman and ex-CEO of Deyaar put off as key witness fails to show. (Getty Images)
FRAUD TRIAL: Trialof ex-Chairman and ex-CEO of Deyaar put off as key witness fails to show. (Getty Images)

The trial of the former chairman of Dubai property developer, Deyaar and its former CEO, has been postponed again after a key witness failed to show up at a hearing on Tuesday.

The director of the Financial Audit Department at the Ruler’s Office, Mohammed Mustafa Hussein, whose testimony has been requested in at least three major fraud cases, failed to appear, the National reported. The case was adjourned until Oct 13, it added.

The present case involves the former Chairman of Deyaar, who was also Chairman of Dubai Islamic Bank (DIB) and the former Minister of Finance and Industry, and Deyaar’s former CEO, a US citizen.

Specific charges leveled against the former CEO include embezzlement and harming the interests of the government.

Story continues below ↓
advertisement

He is also charged with taking a bribe from the ex-Chairman (six million shares belonging to Deyaar, 380,000 shares of Tamweel, 145,000 shares of DIB and AED17.9 million) for giving him discounts and benefits in the company, amounting to AED56.6 million, Khaleej Times reported.

The former CEO also stands accused of abusing his position to collect a bribe of AED500,000 from a client in exchange for purchase discounts amounting to AED9.6 million on plots of land.

| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

TOP IN MIDDLE EAST REAL ESTATE

  1. Bahrain real estate market held back by delays, traffic - CBRE
  2. Free legal advice move 'too little, too late' - poll
  3. Luxury Dubai developer eyes Saudi for new project
  4. Firm offers guaranteed returns to hotel investors
  5. Union Properties posts Q3 loss

TOP MIDDLE EAST BUSINESS STORIES

  1. Sheikh Mohammad reshuffles ICD, Dubal boards
  2. Tamweel, Amlak merger seen in Q1 2010
  3. Dubai's Jumeirah Group plans hotels in Brazil
  4. UAE will not drop US dollar peg – cenbank chief
  5. Paltel says deal with Kuwait's Zain is off

ALSO IN MIDDLE EAST REAL ESTATE

  1. Dubai property market 'may take 10 years to rebound'
  2. Qatar house prices set to fall 15% next year
  3. Saudi's Tanmiyat eyes projects outside GCC region
  4. Abu Dhabi's maximum rent rise set at 5%
  5. Bahrain real estate market held back by delays, traffic - CBRE

LATEST MIDDLE EAST BUSINESS NEWS

  1. Sport: Westwood leads Race to Dubai at end of second day
  2. Politics & Economics: UAE will not drop US dollar peg – cenbank chief
  3. Politics & Economics: Dubai may see growth of 5% in 2009 - Alabbar
  4. Politics & Economics: Dubai to act tough on employees’ salary defaulters - paper
  5. Construction & Industry: Dubai plans start-up help for expat entrepreneurs

SHARE PRICE CHECK

more » MIDDLE EAST MARKETS DATA

DIB.DFM

Last Price:

2.82

+0.07+2.55%

19 Nov 2009 09:59 GMT
(Market Closed)

RELATED STORIES

Dubai Islamic Bank PSJ (DIB)
| 137 stories
  1. Double digit growth for Islamic banking assets in 2009
    5 Nov '09 | News
  2. Dubai Islamic Bank Q3 net profit falls 31%
    24 Oct '09 | News
  3. Dubai's Rasmala eyes $133m Saudi property fund
    5 Oct '09 | News
Tamweel PJSC
| 93 stories
  1. Tamweel, Amlak merger seen in Q1 2010
    20 Nov '09 | News
  2. Dubai mortgage firms to form Islamic bank -minister
    9 Oct '09 | News
  3. UAE cbank - Amlak, Tamweel review to 'take some time'
    5 Oct '09 | News

RELATED LINKS

  1. Dubai Islamic Bank PSJ (DIB)»
  2. Tamweel PJSC»
Related links open in a new window and are not endorsed by ArabianBusiness.com.

 EMAIL ALERTS

  1. Dubai Islamic Bank PSJ (DIB)

  2. Tamweel PJSC

  3. Real Estate


CURRENCY CONVERTOR

Tell us your story

UPCOMING ISSUE


 

READER COMMENTS

  1. UAE announces Eid and National Day holidays 02
    20 Nov ' 09 at 15:56
    Eid and National Day are two great occassions and very close to each other. It would be a great act for the UAE authorities to extend...   More  »
  2. Somali pirates free UAE-owned cargo ship 01
    20 Nov ' 09 at 21:38
    I am sick and tired of hearing about this! I don't understand how a bunch of normal,off the street,run of the mill men can travel these...   More  »
  3. flydubai eyes move into holidays to boost revenues 01
    20 Nov ' 09 at 18:17
    I flew Doha-Dubai sector on 17th November and returned to Doha on 18th evening. Atlhough the outbound flight experienced a delay for...   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM

JOBS

SPECIAL REPORTS

SURVEYS & REPORTS

PROPERTY