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The former vice chairman and managing director of Islamic Arab Insurance (Salama) and others have been referred to the Penal Court of Dubai by the Public Prosecution, on charges including embezzlement of company funds and damaging the interests of the company.
The company announced the referral by the emirate’s Public Prosecution in a statement to Dubai Financial Market (DFM).
Salama said the decision followed the conclusion of an earlier legal action against it by RUSD Investment Bank, in which Dubai Court of Cassation confirmed that a loan which RUSD alleged had been taken did not exist.
At the earlier case, RUSD Investment Bank was represented by its chairman Saleh Malaikah, who was also former vice chairman of Salama before being dismissed without discharge at a general assembly in April 2019, Salama said in its previous DFM statement on September 23, 2022.
“The board of directors would like to confirm the commitment towards the valued shareholders to continue protecting their interests against any attempts to infringe on their rights and recover embezzled funds back to the company,” Salama said.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
