‘Bank’s investment manager bought up shares for bribes, costing employer Dh70m’

Pakistani is charged with bribery, while a second defendant is accused of aiding and abetting by giving the bribes.

DUBAI // A bank’s investment section manager bought more than 49 million idle shares in various companies after he was paid Dh541,000 in bribes, Dubai Criminal Court heard on Thursday.

Prosecutors charged the Pakistani, 37, with bribery and charged his countryman, 36, with aiding and abetting.

Between July 2015 and June last year, the manager is accused of making several purchase orders of idle shares in companies in the Gulf and in Pakistan.

“He abused his position at the bank, which entitles him to buy and sell shares on behalf of the bank,” said the bank’s legal consultant.

The 51-year-old Pakistani consultant added that the defendant bought shares from six companies in the Pakistani market.

“These shares were not being bought or sold. The second defendant called the manager and offered him a bribe in return for buying these shares, which cost the bank Dh69.7 million in losses,” said the consultant.

It is alleged that the manager would meet in person with the second defendant after each purchase to take the bribe money in cash.

“He would then deposit it into his account,” said the legal consultant, adding that the manager admitted everything during an internal investigation. “He even emailed us at the bank copies of all his correspondence with the briber.”

A copy of the WhatsApp correspondence between the two defendants was attached to the case file, as well as a copy of the man’s confession to the bank with his signature on it.

It was not clear how the bank found out about the alleged fraud.

Despite a supposed confession, the manager and the second defendant both denied charges against them.

The next hearing will be on July 24.