The chief executive of Dubai Islamic Bank yesterday testified in court against five men charged with Dh1.8 billion worth of fraud.
Abdullah Al Hamli told the Dubai Criminal Court of First Instance how the accused proceeded with major deals and that he was not certain how much money the men embezzled.
In one of the largest administrative fraud trials, three Britons, two Pakistanis, a Turk and an American have been charged with stealing public funds, deliberately helping others to steal public funds, inflicting intentional loss to the Government and its interests, illegal profiteering and forgery.
The British suspects CM, 48, RL, 54, and AF, 58, have been on trial for two years. Former DIB Pakistani executives OM, 39 and RU, 50, were earlier charged with embezzlement of funds, aiding and abetting a crime, and bribery.
Two other defendants, 36-year-old Turk EN and an American, ZU, remain at large.
Al Hamli told the court that he had heard about big financial facilities that had been given and that these there were suspicious and abnormal transactions.
“The administrative board cannot waive any claims or rights since the bank is a public joint stock company. In an internal meeting of the board it dropped the bank’s claims and rights and this is illegal,” said Al Hamli.
“I learnt that a settlement was reached and that the bank waived its right,” he said.
Answering whether the bank has filed cases overseas, Al Hamli answered affirmatively, saying they were in Bahrain and Turkey.
The Court presided by Judge Fahmi Munir Fahmi stressed that it would not bail any of the accused.
The next hearing is scheduled for January 19.