Dubai Properties ex-chair freed after repaying funds

Al Dabal still faces questioning over suspected wrongdoings - gov't office.
Dubai Properties ex-chair freed after repaying funds
UNDER ARREST: Al Dabal was arrested last year on suspicion of embezzlement at the state-owned company.
By Reuters
Tue 15 Jun 2010 02:22 PM

Former Dubai Properties chairman Hashim Al Dabal has been released after repaying $35m in public funds which he was accused of embezzling, the emirate's government said on Tuesday.

The executive, who was detained in late 2009, still faces questioning over suspected wrongdoings, the government media office said in a statement.

"Dubai's attorney-general, Issam Humaidan, decided to release the accused Hashem al-Dabal after he repaid to 130 million dirhams ($35.40 million) in public money he had embezzled by exploiting his position and authority," it said. Prosecutors started questioning Dabal late last year, one of many cases launched in an anti-corruption drive.

After the investigation began, Dubai Holding Chief Executive Ahmad bin Byat was named acting chairman of Dubai Properties.

Dubai Properties is part of Dubai Holding, a company owned by the ruler of Dubai.

Dubai, the Gulf's tourism and trading hub, launched a high-profile anti-corruption campaign in 2008 that saw the arrest of several well-known business figures.

In May, Dubai released on bail the former head of its flagship financial district, who is being investigated in connection with alleged irregularities involving $13.6 million in bonuses, after repaying the amount. ($1=AED3.672) (Reuters)

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