Corporate, Political, Government Corruption News in Pakistan

Dubai Islamic Bank fraud
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City Islamabad
Scam Type corporate
Department

Dubai's highest court has rejected half of the US$1 billion (Dh3.67bn) payment six businessmen convicted of defrauding Dubai Islamic Bank have been ordered to make. The 10-year prison sentences for all the men were upheld by the Court of Cassation, however, and they still must pay a Dh1.8bn fine. The court ordered the Court of Appeal to reconsider the second half of the payment. That means the repayment of the funds to the Dubai Government will be the subject of a new trial. The men, Briton CM, 48; RL, 50, who is also British; RU, 50, of Pakistan, a former DIB executive; OM, 39, also of Pakistan; Turkish businessman EN, 36; and American ZU, were all convicted of embezzling Dh1.8 billion from Dubai Islamic Bank in the case, which dates to 2008. A seventh businessman was acquitted.

 

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