Emirati businessman Al Boom sentenced to 923 years in jail

Abed Al Boom found guilty of 3,689 counts of fraud, swindling AED960m from investors
Emirati businessman Al Boom sentenced to 923 years in jail
The CEO of Al Boom Holdings was charged with swindling AED960m from 3,706 investors
By Staff writer
Mon 28 Feb 2011 12:10 PM

Emirati real estate tycoon Abed Al Boom has been sentenced to more
than 923 years in jail after a special tribunal hearing in Dubai convicted him
of 3,689 counts of fraud.

The CEO of Al Boom Holdings was charged with swindling AED960m from
3,706 investors, and received a three-month term for each of the counts of
fraud, media reports said.

A further 11 counts of fraud were dismissed by the judge, who also
acquitted Al Boom’s five co-defendants of all charges.

Al Boom’s legal team had asked the court to dismiss all the charges
against him, on the grounds they violated a decree issued by Sheikh Mohammed
bin Rashid, Ruler of Dubai in August 2009, which liquidated Al Boom’s assets. However,
the appeal was dismissed.

According to prosecutors, Al Boom spent the money on a series of
parties, boats, cars and customised number plates.

The judgment remains subject to appeal.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.