Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has issued a decree to liquidate the assets of the Emirati businessman Abid Al Boom.
The news agency WAM reported that a judicial committee will be formed to “take charge of the debtor Abed Ramadan Abdullah Saeed Al Boom’s assets.”
According to a report in The National, Al Boom, who owned Abid al Boom Management and Development Properties and Al Boom Holdings, is accused of defrauding investors out of AED847m ($230m).
WAM reported that the committee is “authorised to take any action towards collection of any amounts owed by others to the debtor, including assigning lawyers to collect such amounts.”
Decisions by the committee are deemed final and will be enforced by the Dubai Courts.
Follow us on
