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29 November 2023

Cases dismissed as Al Boom ruling nears

By Staff

Dubai Appeal Court has dismissed all other cases against Abed Al Boom ahead of the verdict at the end of the month on a Dh960 million embezzlement charge, according to a report in 'The National'.

Four cases for bounced cheques, for which the courts had sentenced him to up to three years in jail, will be referred to a liquidation committee.

The embezzlement charge, in which Al Boom is accused of cheating 3,700 investors, remains a point of contention.

His lawyers have argued that the case is out of the court's jurisdiction because prosecutors referred the case after the decree was issued on August 4, 2009.

But during the 16-month trial, the Deira Chief Prosecutor, Yousif Foulaz, told the court that the charges preceded the decree.

Advocate Hassan al Raisi, who represented Al Boom in the bounced cheques cases, also argued to the court last year that the cases were filed after the executive decree.

On that basis, the appeals court dismissed them and referred them instead to the special committee.

Al Boom, an Emirati businessman, is charged with breach of trust and embezzlement of Dh960m.

He was accused by prosecutors of spending investors' funds on parties, boats and luxury car purchases, leaving only 1 per cent of the amount he stole. The purchases included Bentleys for himself and his managers.

He was also accused of spending millions purchasing special number licence plates, and donating millions to football clubs.