Tamweel axes Al-Shirawi from board

by John Irish 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.

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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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