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18 April 2024

More time given in Tamweel case

More time given in Tamweel case. (EB FILE)

By Mohammed Elsidafy

A corruption case in mortgage financier Tamweel was yesterday adjourned to March 7 by the Dubai Criminal Court after the first defendant's counsel moved for adjournment to give him time to produce more witnesses.

Dr Habib Al Mulla, representing AS, Tamweel's former CEO and the first of five defendants, was also allowed by the court to contact Tamweel and enquire into the size of profits generated from the Sama Al Jaddaf project, in which the defendants are accused of embezzlement.

All five accused attended yesterday's session. Lawyers Al Mulla, Sameer Jaafar and Abdulmonem Suwaidan attended with them. The defendants are AS, 38, Emirati, former CEO of Tamweel; FK, 28, Jordanian, former head of Tamweel's investment department; AA, 33, also Jordanian, Bonyan's board chairman; AH, 44, Emirati, commercial manager at Tamweel; and SA, 40, also Emirati, former executive director and board member of Tamweel. The five are charged with embezzling a sum of Dh46,641,754 and are all out on bail.

At an earlier session, the court heard the testimony of Mohammed Noaman, financial manager of a company owned by first defendant AS. Noaman said AS and fourth defendant AH, Tamweel's former commercial manager, were involved in a business partnership and said money was transferred through a cheque from the first to the fourth defendant. The fourth defendant's signature was available on a copy of the cheque.

Also at a previous session, the court heard the testimony of Fares Masoud, Financial Manager of Bonyan, with which Tamweel signed a contract related to the deals that saw the alleged financial violations the case deals with.


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