By Elsa Baxter
Pair alleged to have sold land to developer at almost double cost in massive fraud scam.
A pair of former Deyaar employees wove an intricate web of land deals to create a massive fraud, the Dubai Court of First Instance heard on Sunday.
An independent team, appointed by Sheikh Mohammed bin Rashid, the Ruler of Dubai and Vice President of the UAE, to investigate corruption, began presenting its findings against the men, known as SA and IJ.
They are alleged to have bought land in Dubai then sold it to Deyaar just days later at almost double the cost, according to a report in The National.
Mohammed Mustafa Hussain, who is leading the investigation, told the court the men “initially claimed they did not know each other”.
But his team found evidence suggesting pair were previously business partners.
SA, an Emirati and former member of the Deyaar board, was accused of purchasing land in Dubai Marina for AED415.8m ($113.28m) on September 23, 2007. Two days later the land was sold to Deyaar for AED800m.
Hussain also alleges that SA, also an executive of Dubai Islamic Bank, made a personal commission of AED11.5m on the sale.
Employees of Dubai Islamic Bank and Deyaar are forbidden to accept commissions.
The men, who have been on bail, deny all charges.
A total of 10 former Deyaar employees have been charged with offences including bribery, forgery and breach of trust, swindling and supplying company secrets to competitors by Dubai’s public prosecution.