Verdict in Al Boom fraud case on March 29

The Dubai Court of Misdemeanour will issue the verdict in a case of rent fraud and bounced cheques at Al Boom Management and Development Properties on March 29, it ruled yesterday while adjourning the case.

Defendant AB, Emirati, whose passport has been impounded, attended yesterday's session. The case is related to two bad cheques worth Dh1.384 million issued by the company, which is owned by the defendant, to pay the rents of some of its offices to a property company.

Defence counsel Ali Al Falasi said the rents could not be paid as Al Boom's bank accounts had been frozen earlier through a decision by the Attorney-General. This prevented any deposits or withdrawals, preventing the office rents to be paid.

At an earlier hearing, the court enquired into Al Boom's account at the Dubai Islamic Bank (DIB). DIB revealed the account was frozen through a decision taken by the Central Bank and it contained only Dh28,000 when the Central Bank's decision was implemented.

Earlier, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, had issued a decree establishing a special judicial committee tasked with liquidating the financial assets 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.

Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.

Follow Emirates 24|7 on Google News.