6.55 PM Friday, 29 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:56 06:10 12:26 15:53 18:37 19:52
29 March 2024

DIB fraud case adjourned till April 27

Published
By Eman Al Baik

Dubai Criminal Court on Wednesday adjourned verdict for the Dubai Islamic Bank’s (DIB) Dh1.8 million embezzlement case, which involves five businessmen and two senior executives, till April 27.

The civil rights lawyers told the court, Presided by Fahmi Munir Fahmi, that the embezzlement hit the bank and the country’s economy. Giving this much amount of loans would not have happened should the bank’s employees did not approve them, they said.
 
The defence lawyers, however, asked for their clients’ acquittal and defended that the case is not a criminal but rather a civil right case as its record is void of any affirmative evidence against the accused. The case should not be heard by this court especially that the accused had reached a settlement agreement with the bank prior to the date of filing the case and they had actually paid the first installment as per the agreement.

According to the accusation sheet, the bank’s two Pakistani executives UH, 29, former financing department manager and his deputy, RU, 50, facilitated Dh1.8m loans to five businessmen by passing bogus documents and hiking the credit limit for businessmen.

Businessmen including three British identified as CM, 48, RL, 54, and AF, 58, and two fugitives ZU, American and AI, Turk, AI, 36 are accused of embezzlement and supplying the bank with bogus documents and bills to obtain loans.

In a previous hearing, the CEO of DIB testified before the court that the former administrative board has illegally conceded the bank’s rights since it is a public joint stock company.

“The administrative board cannot drop its right since the bank is a public joint stock company. In an internal meeting, the board dropped the bank’s rights this happened to be illegal,” said Abdullah Ali Obaid Al Hamili.

Al Hamili told the Court that he has heard about big financial facilities been given and that there were suspicious and abnormal transactions by employees.

“Then I learnt that a settlement was reached and that the bank waived its right,” he said.

“Later after the meetings that have been held between the board and the Dubai Financial Control Department, I learnt that the estimated amounts reached up to about US$500 million,” he said.

Answering whether the bank has filed cases overseas, Al Haimili answered affirmatively saying in Bahrain and Turkey.