DUBAI // The Dubai Court of Appeals has asked for a committee to review claims put forward by prosecutors and defence lawyers in a Dh44million fraud trial, after it failed to reach a verdict.
The court's judgment in the trial - involving AS, the former head of real estate developer Tamweel, his deputy AN, the chief executive of Dubai Islamic Bank, SA, the chief executive of real estate developer Bonyan, AA, and senior Tamweel executive, FA - was due yesterday.
The five were accused in July last year of making an estimated Dh44m in profits through illegal land deals involving company-owned properties. According to court documents, AS and AN asked AA for three plots at Dubai's Sama al Jadaf development at the price Tamweel had paid for them.
They allegedly resold the properties to Bonyan Holdings, a partner in the development, at higher prices, personally making about Dh21m. The others are accused of deals resulting in profits between Dh3.7 million and Dh13.8 million.
The court asked the committee to review the case file and check acquisition details of the six plots in question. The committee will include an auditor from the Dubai Government Financial Audit Department, a valuation expert from the Land Department and a ledger accountant. The court has ordered AS to pay Dh60,000 to cover their fees.
The men were convicted of bribery and embezzlement by the lower court in May and ordered to serve between one and three years in jail and pay fines of Dh51.7m. The court reconvenes on November 24.
