Deyaar trial delayed as witness fails to show

by Martin Morris Wednesday, 09 September 2009

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.

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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.

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.



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