DUBAI // The Emirati businessman and property magnate Abid al Boom, who is accused of embezzling almost Dh1 billion, has failed to deposit any funds into the court's treasury, public prosecutors revealed yesterday. This, despite promises in June from his legal team that US$20 million (Dh74m) had been transferred.
Mr al Boom, the chief executive of Al Boom Holdings, is accused of breaching the trust of 3,700 investors and embezzling the money from them.
On June 27, Advocate Ali al Falasi, one of Mr al Boom's three lawyers, presented the court with bank transfer documents stating $20m had been paid. He said the deposit could be expected by the court's treasury within 96 hours.
Yesterday the public prosecutor showed the court that no money had been deposited and asked that Mr al Boom's bail be revoked.
"Your honour, the defendant has repeatedly promised to make deposits but has failed to do so," said prosecutor Younis al Baloushi. "We request that the court revoke his bail and confine him until full payment is effected."
Mr al Boom's defence team objected to the request and told the court the payments had been made to the liquidation committee's account through various channels.
Presiding Judge Al Saeed Bargouth ordered an investigation into the liquidation committee's accounts to reveal if any money had been deposited and warned Mr al Boom in open court: "If no payments are made by the next hearing your bail will be revoked."
Public prosecutors had earlier accused Mr al Boom of spending most of the embezzled funds on parties, boat purchases and luxury cars, leaving only one per cent of the amount embezzled to be seized.
Prosecutor Younis al Baloushi said Mr al Boom and his accomplices had acted "like animals" after cheating 3,700 investors.
The court had heard how Mr al Boom purchased 53 luxury vehicles, including Bentleys, for himself and his managers. It was also revealed that he purchased a luxury yacht for himself as well as two other boats, one of which was used for specifically parties and receptions.
Among other charges of decadent spending, Mr al Boom was accused by prosecutors of spending millions in donations to football clubs and the purchase of special number plates.
Judge Bargouth adjourned the case to August 22.
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COMPANY PROFILE
Name: Ejari
Based: Riyadh, Saudi Arabia
Founders: Yazeed Al Shamsi, Fahad Albedah, Mohammed Alkhelewy and Khalid Almunif
Sector: PropTech
Total funding: $1 million
Investors: Sanabil 500 Mena, Hambro Perks' Oryx Fund and angel investors
Number of employees: 8
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There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
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Deccan Gladiators 87-8
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Arabians won the final by eight wickets
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
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UAE currency: the story behind the money in your pockets
21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
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COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
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Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
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