Bank account of Al Boom closed
A bank account operated by Abed Al Boom's company was closed on the orders of the Central Bank, a court hearing a case involving alleged unpaid rents was told yesterday.
This was revealed in a letter to the Court of Misdemeanour from the Dubai Islamic Bank.
Al Boom's credit at the time of account's closure was Dh28,000, while the value of two cheques related to the case that the company allegedly gave to a property developer was Dh1.384 million.
The cheques were declined by the bank because of lack of sufficient funds.
The case concerns alleged unpaid rent for offices used by Al Boom's company and was lodged against him by the developer.
At the previous hearing the court asked the public prosecution to contact Dubai Islamic Bank to enquire about Al Boom's account.
The case was adjourned until February 1 to give Al Boom's lawyer time to examine the letter from Dubai Islamic Bank.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, has issued a decree setting up a special judicial committee tasked with liquidating financial concerns of Al Boom.
The decree sets out guidelines and procedures to be followed by the committee in accounting for all funds, property and assets held by Al Boom, and further instructs that a list be prepared detailing the names of his creditors along with the amounts they are due.
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