May 15 2009 |
more articles from
|
UAE: Bank was Swindled, Allege Witnesses
DUBAI - The two witnesses, who gave their testimonies on Thursday in the court, confirmed that the Dubai Islamic Bank (DIB) was swindled by the accused five businessmen and that it would not have happened without the help and facilities offered by the senior members of the bank staff on trial.The Egyptian head of the Real Estate Department in DIB told the Criminal Court of First Instance that the bank was swindled out of more than $500 million because of bogus business operations of sales and purchases carried out by five businessmen.
The witness stated that thanks to CCH Company, owned by one of the defendants, an absconding Turkish businessman, the suspects managed to get hold of huge sums of loans to finance their projects.
"They submitted documents of sale and purchase transactions and consequently the swindled huge amounts of money were transferred to CCH."
He pointed out that the deputy manager and executive manager of DIB , both Pakistanis, were in charge of the Finance Department of Projects in the bank. Asked about their roles, the witness said, "They were the main frontline for communication between the bank and CCH and they were in charge of negotiating on conditions that rule the investment portfolio." The ex- DIB senior managers are accused of collecting bribes worth $750,000 and $950,000 respectively.
Two of the British businessmen are accused along with the Turkish businessman of defrauding Dh1.8 billion from DIB . The trio is also accused of forging documents of bogus transactions made by the companies they just established at some time between 2004 and 2007 and submitted them to the bank to get financing for their projects.
The sixth defendant is a British businessman who is accused of criminal complicity as he allegedly abetted and conspired with the two Britons and the Turk to cheat the bank.
He reportedly invested part of the swindled bounty in buying and investing in lands in Dubai including the Plantation and other projects in Dubai Land. An American suspect is still sought by the authorities, for allegedly swindling the bank of more than Dh7 million.
© Khaleej Times 2009
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment