$20m deposit made, says Al Boom lawyer

Counsel for Abid Al Boom yesterday submitted to the court a letter showing that $20 million (Dh73.46m) had been transferred through Emirates Islamic Bank to the Dubai Islamic Bank account of the legal committee formed by a decree of the Ruler of Dubai.

Al Boom and seven others are accused of breach of trust, issuing dud cheques and the embezzlement of funds of 3,700 depositors amounting to some Dh900 million.

The court adjourned the case to August 8 to verify the transfer.

One of Al Boom's lawyers said the $20m is the first payment of a total of $300m to be transferred to the committee. The $300 million is the value of contracts between Al Boom and foreign finance firms.

Lawyer Hamdi Al Sheewi denied Al Boom had issued dud cheques, saying there is no complaint that the cheques he wrote were rejected.