Dubai: The $501 million reportedly defrauded in the Dubai Islamic Bank (DIB) case by seven suspects is enormous enough to influence the course of the economy, argued a prosecutor before a court on Monday.
"The reportedly defrauded amount, $501 million (Dh1.8 billion), is massive and influences the economy of Dubai and the UAE," said Tarek Yaqoub Al Khayyat, Deputy Head of Deira's First Public Prosecution, in his argument when he addressed Presiding Judge Hamad Abdul Latif Abdul Jawad.
"As if the global crisis was not enough and there came the suspects, who were avaricious and held a grudge against the city and the country that welcomed them and helped them earn them a living. They waited for an opportunity to betray and stab Dubai in the back. They proved to be ill-minded and ungrateful to this country. We ask the Dubai Court of First Instance to implement the harshest punishment possible against the defendants so that nobody would ever dare to do what they did," Al Khayyat said.
Five of the seven suspects (two are at large) pleaded innocent and said "not guilty" when they defended themselves in courtroom four yesterday morning.
In his argument, Al Khayyat said the court should act rigorously and hand down severe punishments "against any suspect who dares to hit our economy".
DIB's legal representative, Hassan Arab, presented a civil claim of Dh200,000 in temporary compensation to Presiding Judge Abdul Jawad. Defence lawyers, including Ali Abdullah Al Shamsi, Samira Gargash, Dr Habib Al Mulla and others asked the court to adjourn the case until they have studied the papers.
The court's secretary, Essam Ali Mohammad, read out the arraignment sheet in which the Public Prosecution charged three businessmen - a 36-year-old Turk (who is at large), A.I., 48-year-old British citizen C.M. and his 54-year-old compatriot R.L. with defrauding DIB to the tune of Dh1.8 billion.
A.I. and C.M., who worked for one of DIB's business partners, reportedly collaborated with R.L. (who established a number of companies) and fabricated documents of bogus transactions, then submitted those documents to DIB to finance their projects, said the arraignment sheet.
Records said two ex-DIB Pakistani executives, 39-year-old financing manager U.H. and his 50-year-old deputy R.U., assisted the businessmen by accepting their transactions and granting them more credit facilities.
The three businessmen were also charged with forging documents. U.H. and R.U. were charged with reportedly abusing their duties at the bank and allegedly accepting $950,000 (Dh3.48 million) and $750,000 (Dh2.75 million) in bribes, respectively, added the charge sheet.
The public prosecutor, who conducted the investigation also charged the Pakistanis with aiding and abetting the businessmen.
A sixth American businessman, Z.U. (who is at large), has been arraigned for reportedly defrauding DIB of $2 million (Dh7.34 million). He did it by establishing a company and fabricating documents and bills.
He then submitted them to the bank's business partner as real deals, according to the arraignment sheet. Z.U. has been additionally charged with forging documents and using them.
A 58-year-old British businessman, A.F., has been charged with aiding and abetting A.I., C.M. and R.L. Gulf News will refrain from naming the suspects in keeping with the media code of ethics.
The court will now reconvene on April 13.
By Bassam Za'za
© Gulf News 2009
