Apr 15 2010
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Lawyer: ‘Bogus portfolio' non-existent
Thursday, Apr 15, 2010
Dubai The lawyers representing two Dynasty Zarouni executives yesterday said their clients did not cheat ten businessmen out of Dh25.6 million and implied the case was a civil dispute.
Dynasty Zarouni 's 36-year-old Indian chairman, K.M., and the realtor's 37-year-old Emirati owner, M.Z., pleaded innocent, rejecting charges against them that they swindled Dh25.6 million from the businessmen by establishing an alleged bogus investment portfolio.
Defending K.M. before the Dubai Misdemeanours Court, Dr Habib Al Mulla said: "The so-claimed ‘bogus non-vestment portfolio' is inexistent and it's a programme to render services to investors in the real estate sector. Besides, the value of services rendered to the businessmen was more than what they paid. The claimants and the defendants exchanged emails and letters which deny the existence of a bogus portfolio."
Advocate Ayman Merdas, who also represents M.Z., argued his client was innocent and hadn't commit a crime.
Meanwhile, the businessmen's lawyer Salim Al Sha'ali earlier submitted a civil lawsuit against the defendants and is seeking civil compensation against his clients' damages.
Al Sha'ali argued in courtroom 11 yesterday: "The suspects advertised in a newspaper that they had Dh2.8 billion worth of investments to gain the trust of investors. They also claimed on the website that they would offer credit cards to investors. They might have been [allegedly] responsible for the financial crunch in Dubai. The expert, who testified in court earlier, gave an inconsistent statement."
In a previous hearing Dr Al Mulla lodged a civil lawsuit, seeking temporary compensation against the damages K.M. incurred due to the malevolent complaint, to Presiding Judge Abdul Majid who will issue his verdict on May 30.
A third British suspect, R.Q., who is at large, faces the same charges.
By Bassam Za'za'
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