Five jailed and fined Dh52m over property bribes
May 30, 2010
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
