Banker cleared of buying millions of idle shares with bribery money

Prosecutors claimed that between July 2015 and June 2016 the manager bought idle shares on behalf of the bank, costing it almost Dh70m in losses

A bank manager has been cleared of accepting a Dh541,000 bribe to buy more than 49 million idle shares in various companies.

The 37-year-old Pakistani investment section manager was acquitted of a bribery charge while his countryman, 36, was cleared of aiding and abetting.

Prosecutors claimed that between July 2015 and June 2016, the manager acted on behalf of the bank to make several purchase orders of idle shares in companies in the Gulf and in Pakistan.
A 51-year-old Pakistani consultant at the same bank said that some shares bought from the Pakistani market were not being bought or sold but the accused allegedly bought them in return for a bribe from the second defendant.
"It cost the bank Dh69.7 million in losses," said the consultant, who said after the incident was discovered, the banker admitted to what happened. But in June, he and his co-accused denied all charges.

Both were acquitted by Dubai Criminal Court on Thursday.