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Nakheel execs accused of AED44m fraud granted bail

Two Nakheel executives accused of a AED44m ($11.9m) fraud have been granted bail after nine months in custody, it has been reported.

According to the National, the two Australian executives will be released after posting bonds of AED1m ($272,000) each.
Matt Joyce, managing director of the Dubai Waterfront development, and his colleague Marcus Lee, are accused of defrauding the Australian development company Sunland Group, obtaining AED44m in illegal profits and giving false information about the ownership and value of a plot of land.

Lawyers for the pair, at Dubai Criminal Court on Tuesday, argued the men had been detained long enough and that there was not sufficient evidence to continue to hold them, the paper reported.

Salem al Sha’ali, representing Joyce, said David Brown of Sunland Group had also been investigated and provided “weak” testimony.

“[Brown] has been investigated initially and the testimony given is weak, as they [Sunland] are the main gainers if my client is convicted,” he told the court.

The pair are accused, along with two other men, only referred to as AB and AR, of cheating Brown after he purchased a plot of land at the Waterfront, a development near Jebel Ali, which has since been cancelled.

Prosecutors say the men told Brown to pay the money for the plot to AR’s company, Prudential Investment, claiming that company owned the land, when in fact it is owned by Nakheel.

AB and AR have since disappeared.

Judge El Saeed Bargouth granted bail to the men on the condition they surrendered their passports and those of their wives, the paper reported.

The case has been adjourned to November 17.

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