Businessmen found guilty in DIB fraud

FraudSentences were handed down today in one of Dubai’s most compelling cases of business fraud in years.  Six executives with the Dubai Islamic Bank received sentences of up to 10 years  in prison and deportation for their roles in the scandal.  A seventh was acquitted.  All the executives were charged with fraud, bribery, forgery, and embezzlement.  According to the DIB’s chief executive, Abdullah Al Hamili, the execs are accused of “deliberately helping others to embezzle public funds, inflicting intentional loss to the government and its interests, as well as illegal profiteering and forgery.” Thus, the official charges included accusations of crimes against the government’s best interests.

The executives at fault, a group of international businessmen that includes Turkish, British, Americans and Pakistanis must also pay Dh1.8billion in restitution to the DIB.  This was the second attempted trial, and will most likely be appealed within the next 15 days.

 

 



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Sentences were handed down today in one of Dubai’s most compelling cases of business fraud in years.  Six executives with the Dubai Islamic Bank received sentences of up to 10 years  in prison and deportation for their roles in the scandal.  A seventh was acquitted.  All the executives were charged with fraud, bribery, forgery, and embezzlement.  According to the DIB’s chief executive, Abdullah Al Hamili, the execs are accused of “deliberately helping others to embezzle public funds, inflicting intentional loss to the government and its interests, as well as illegal profiteering and forgery.” Thus, the official charges included accusations of...

FraudSentences were handed down today in one of Dubai’s most compelling cases of business fraud in years.  Six executives with the Dubai Islamic Bank received sentences of up to 10 years  in prison and deportation for their roles in the scandal.  A seventh was acquitted.  All the executives were charged with fraud, bribery, forgery, and embezzlement.  According to the DIB’s chief executive, Abdullah Al Hamili, the execs are accused of “deliberately helping others to embezzle public funds, inflicting intentional loss to the government and its interests, as well as illegal profiteering and forgery.” Thus, the official charges included accusations of crimes against the government’s best interests.

The executives at fault, a group of international businessmen that includes Turkish, British, Americans and Pakistanis must also pay Dh1.8billion in restitution to the DIB.  This was the second attempted trial, and will most likely be appealed within the next 15 days.

 

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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