We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 15 Mar 2010 08:34 AM

Font Size

- Aa +

Top Dubai exec jailed in latest corruption case

Former chief exec of Dubai Islamic Bank also fined AED115m for abusing position.

Top Dubai exec jailed in latest corruption case
VERDICT: Former chief exec of Dubai Islamic Bank sentenced to three years in prison for abusing power. (AFP/Getty Images)

The former chief executive of Dubai Islamic Bank has been sentenced to three years in jail and fined AED115m ($31m) for abusing his position.Saad Abdulrazak, a director of Deyaar, must pay one of the highest fines issued to date for corporate corruption cases in Dubai.

According to a report in the UK’s Financial Times, the verdict suggests an appetite for stiffer penalties amid the clampdown on corruption.

Abdulrazak, 40, who pleaded innocent to all charges, can appeal against the decision.

Last month a Dubai court changed the charge against Abdulrazak from bribe-taking to abusing duties as a public servant, the paper reports.

He was accused of accepting a bribe of AED11.75m over the purchase of a plot of land that cost Deyaar a loss of AED115m.

Habib al Mulla, his lawyer, argued that the deal was done at the proper market rates, and that the subsequent investigation was illegal.

Abdulrazak is the third high ranking official to be convicted as part of the anticorruption drive, according to the National.

Arabian Business digital magazine: read the latest edition online