Thursday, Sep 04, 2008
DUBAI (Zawya Dow Jones)--British expatriate businessman Arthur Fitzwilliam has been held and questioned by Dubai Police as part of an investigation into alleged financial wrongdoing at Dubai Islamic Bank (DIB.AI).
In a phone interview with Zawya Dow Jones Thursday Fitzwilliam, who denies any wrongdoing, confirmed that he was questioned with the regards to Dubai Islamic and then released by Dubai Police.
Dubai public prosecution records seen by Zawya Dow Jones Thursday show that Fitzwilliam is one of seven people who have been detained as part of the Dubai Islamic, or DIB, probe.
Others include Omair Mooraj, the Middle East head of Islamic banking at U.S. investment bank JP Morgan Chase & Co. (JPM) and former employee of DIB, Charles Ridley, a Bahrain-based British banker and Ryan Cornelius.
A spokesperson at the British Embassy in Dubai told Zawya Dow Jones Thursday that it was "aware of the case and has offered Mr. Fitzwilliam consular services."
Fitzwilliam, who wouldn't comment further on the police questioning, said he'd declined the British Embassy's offer of help.
Dubai Islamic said in June that the ongoing investigation wouldn't impact the lender's earnings after Rifat Usmani, its former vice president of structured finance, was detained.
The lender is 34% owned by U.A.E. and Dubai government entities, according to Zawya.com data.
Fitzwilliam is the owner and chairman of Plantation Holdings, a company that's developing a project called the Plantation Equestrian & Polo Club that will include a hotel and residential property within the planned $80 billion Dubailand venture.
A spokesperson for Dubai Islamic was immediately unable to comment.
-By Mirna Sleiman and Andrew Critchlow, Dow Jones Newswires, 0097143644966, mirna.sleiman@dowjones.com
Copyright (c) 2008 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
04-09-08 1100GMT
