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Wed 9 Sep 2009 01:10 AM

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Deyaar trial delayed as witness fails to show

Charges against ex-chairman, ex-CEO of Dubai developer include embezzlement.

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.

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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