Tuesday, Jan 26, 2010
Gulf News
Dubai Three Dynasty Zarouni realty executives have been referred to the Dubai Misdemeanours Court to face charges of collecting Dh17 million to Dh24 million through an unlawful investment portfolio, Gulf News learnt yesterday.
"No hearing date has been scheduled yet. Dynasty Zarouni's Emirati owner M.H.Z., Indian chairman K.M. and manager R.Q., have been charged with establishing a bogus investment portfolio and unlawfully gaining Dh17 million to Dh24 million.
"The Public Prosecution also dismissed the case of Dh400 million real estate fraud against them," a senior prosecutor told Gulf News.
One of K.M.'s lawyers, advocate Eisa Bin Haidar said: "Our client submitted all the required documents and evidence to prove his innocence. He is on bail."
Lawyer Salem Al Sha'ali, representing a number of investors, said: "The suspects were referred to court in November, but we learned about the decision only this week. We will appeal against the prosecutors' decision to dismiss the realty fraud of nearly Dh400 million."
By Bassam Za'za'
Gulf News 2010. All rights reserved.
