The Dubai Criminal Court of First Instance has referred the Dh44-million Dubai Waterfront embezzlement case to an expert committee to get its opinion.
The Court presided by Judge Ali Atiya Mohammed Saeed, which was to issue its verdict on Monday (today), decided to seek the opinion of an expert committee and gave it three-month time.
The Court will reconvene on January 28, 2013.
The case involves three former executives of Dubai Waterfront and a fugitive allegedly embezzling more than Dh44 million by selling a floor in a building at a depreciated price and accepting only five per cent deposit as a down payment in 2007.
The prosecution accused MJJ, 43, former CEO, AJ, 44, former Director of Legal Affairs (fugitive), MRL, former Commercial Manager, and Fugitive AR, for embezzling the funds.
They have been accused of harming the welfare of the employer by embezzling more than Dh142 million by falsely claiming that F17, a plot in Waterfront project, was booked by an investment company of the accused AR so they made him pay that company Dh44 million which they divided among themselves.