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
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.