11.45 AM Saturday, 20 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:31 05:49 12:21 15:48 18:47 20:05
20 April 2024

Waterfront Ex-CEO 'received Dh11.18m illegally'

Ex-CEO allegedly got A$3.4m illegally. (AFP)

By Mohammed Elsidafy

The former CEO of Nakheel's Waterfront subsidiary, one of the defendants in a Dh44 million corruption case, received a payment of AUD$3.4 million (Dh11.18m) that was transferred to a company he owned through Standard Bank, Dubai Criminal Court heard yesterday.

Details of the alleged payment were among fresh information provided by prosecution witness Mohammed Mustafa Hussein, an auditor at the Financial Audit Department of the Dubai Ruler's Court.

Two of the accused – MJ, 43, the former CEO, and former commercial manager MR, 44, both Australian – attended the hearing. Two other defendants – Australians AJ, 44, Waterfront's former legal manager, and businessman AR – are on the run.

Hussein said the total amount received by MJ was Dh22.1m. The auditor, who compiled a report into the case, said Waterfront had lost Dh44m through the sale of land at below its market price. Plots were sold at Dh120 per sq ft when the market price was Dh185 per sq ft. MR was said to have been responsible for setting the low price even though he was aware of the market value, and it was a breach of his duties.

Hussein said AJ had arranged for the Dh44.1m to be paid via lawyers so it would not show up in the defendants' accounts. The public prosecution says the three ex-Waterfront executives failed to protect the interests of the firm.


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.