09 November 2009
The Dubai Criminal Court heard new testimony in an ongoing case of financial wrongdoing in Tamweel yesterday, which showed that the five accused had revealed company secrets and accepted unauthorised payments.
The testimony was presented by Mohammed Mustafa Hussein, an expert in the Financial Audit Department. He said several financial violations were committed by the accused and also highlighted a contract signed between Tamweel and Bonyan.
The contract obliged Tamweel to pay 90 per cent of the value of deals while Bonyan committed to pay only 10 per cent, though the contract also stipulated that Bonyan would get 50 per cent of profits.
These were unfair conditions for Tamweel, according to Hussain.
Five former executives of Tamweel are charged in the Dh46 million corruption case. The defendants are former Emirati CEO, AS, 38; former head of department FK, 28, from Jordan; former board chairman AA, 33, also Jordanian; former deputy executive AH, 44; and former executive director and board member SA, 40, both Emiratis. The court adjourned the case to November 22 to hear the testimony of Yasser Abdullah Amiri, Director General of the Financial Audit Department at the Dubai Ruler's Office.
The Dubai Criminal Court heard new testimony in an ongoing case of financial wrongdoing in Tamweel yesterday, which showed that the five accused had revealed company secrets and accepted unauthorised payments.
The testimony was presented by Mohammed Mustafa Hussein, an expert in the Financial Audit Department. He said several financial violations were committed by the accused and also highlighted a contract signed between Tamweel and Bonyan.
The contract obliged Tamweel to pay 90 per cent of the value of deals while Bonyan committed to pay only 10 per cent, though the contract also stipulated that Bonyan would get 50 per cent of profits.
These were unfair conditions for Tamweel, according to Hussain.
Five former executives of Tamweel are charged in the Dh46 million corruption case. The defendants are former Emirati CEO, AS, 38; former head of department FK, 28, from Jordan; former board chairman AA, 33, also Jordanian; former deputy executive AH, 44; and former executive director and board member SA, 40, both Emiratis. The court adjourned the case to November 22 to hear the testimony of Yasser Abdullah Amiri, Director General of the Financial Audit Department at the Dubai Ruler's Office.
By Mohammed Elsidafy
© Emirates Business 24/7 2009
