DUBAI // Two Tamweel executives who illegally pocketed Dh46 million by selling plots of land owned by the Dubai Government have been jailed for 10 years each.
A A, 38, who was executive director of the property developer, and A N, 44, the commercial director, were also jointly fined Dh32m and ordered to repay the same amount to Tamweel.
In 2008, the two Emiratis sold two land plots in Jumeirah Lakes Towers and made Dh28m in illegal profits. They also sold a plot at Dubai Marina and made Dh18m in illegal profit.
They denied a charge of embezzlement when they appeared at the Dubai Criminal Court on June 16 last year.
“I wasn’t employed at that time,” said A A in court.
R R, 54, a Ukrainian property agent, was sentenced to one year in jail for knowingly aiding and abetting the executives in their scheme.
The three were also jointly fined Dh14m and ordered to repay the same amount to Tamweel.
Pakistani broker W G, 57, who was convicted of aiding and abetting the two officials, was sentenced to five years in jail and has to pay his share of the Dh14m.
Pakistani M Y, 40, Emirati A M, 47, and N M, an Indian, who were also charged with aiding and abetting, were acquitted.
A A and A N used property companies owned by R R and W G as a cover to buy the land, and would then sell them on at higher prices to another buyer.
The verdict remains subject to appeal within 15 days.
salamir@thenational.ae