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Abu Dhabi, UAESunday 7 March 2021

Five jailed and fined Dh52m over property bribes

Five executives, including the former head of the country's largest mortgage lender, Tamweel, have been convicted of bribery and embezzlement.

DUBAI // Five executives, including the former head of the country's largest mortgage lender, have been convicted of bribery and embezzlement and will pay Dh51.7 million (US$14m) in fines. The former chief executive of Tamweel, A S, 38, and his deputy A N, 44, were also sentenced to three years in prison each by the Dubai Criminal Court of First Instance. Also found guilty was the former chief executive of Dubai Islamic Bank, S A, who was sentenced to a year in jail. The men were found guilty of involvement in a scheme that involved Dh7.6m in suspicious loans between Tamweel and Bonyan, a property developer. The Bonyan chief executive A A, 33, and a fifth accomplice identified as F A were each jailed for a year for their involvement. Prosecutors had charged A S and A N with accepting plots of land at the Sama Al Jidaff development as a bribe to facilitate a partnership between the two companies. amustafa@thenational.ae

Published: May 30, 2010 04:00 AM

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