| 11 Mar 2010 |
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Suit filed against 10 businessmen
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Thursday, Mar 11, 2010
Gulf News
Dubai Real estate company Dynasty ZarouniDynasty Zarouni
chairman has accused 10 businessmen of lodging a malicious swindling complaint against him and is seeking Dh200,001 in temporary compensation.
Last month, when the 36-year-old Indian chairman, K.M., and the realtor's 37-year-old Emirati owner, M.H.Z., appeared before the Dubai Misdemeanors Court, they strongly denied swindling Dh25.6 million from the 10 businessmen by establishing an alleged bogus investment portfolio.
In an unexpected move, K.M.'s advocate, Dr Habib Al Mulla, handed Presiding Judge Jamal Eddine Ahmad Abdul Majid the civil lawsuit, in which his client is claiming temporary compensation against the businessmen.
"My client is seeking temporary compensation against the damages he incurred by the businessmen's malevolent complaint. We also ask the court to adjourn until we present two defence witnesses," Dr Al Mulla told the judge in courtroom 11.
Asked by Judge Abdul Majid about the content of the defence witnesses' statements, Dr Al Mulla said: "The first will testify that the alleged bogus investment portfolio is a programme to render services to investors. The second witness is an international technical expert [specialised on swindling operations] who will testify that the value of services rendered to the businessmen is more than what they paid… he will also testify that the emails and letters exchanged [between my client and the businessmen] deny the existence of a bogus portfolio."
Newly appointed
Meanwhile, M.H.Z.'s lawyer Ali Abdullah Al Shamsi told the court: "I have been newly appointed and I need sometime to study the case file before presenting my pleas and defence."
A third British suspect, R.Q., who is at large, faces the same charges.
Lawyers Salim Al Sha'ali, representing a number of the complaining investors, submitted a civil lawsuit against the suspects as well.
Judge Abdul Majid adjourned the hearing until March 24.
K.M. had firmly rejected the charge of offering the businessmen a chance to multiply their money through a bogus investment portfolio. Records said the Indian told the businessmen to provide a monthly payment of Dh300,000 to be invested in real estate projects, offering a monthly revenue of Dh1 million starting from the seventh month. KM allegedly got the claimants to trust the feasibility of the portfolio by advertising in newspapers and the internet.
Prosecutors also charged M.H.Z. and R.Q. with aiding and abetting K.M.
By Bassam Za'za'
© Gulf News 2010. All rights reserved.
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