Former Deyaar executives have been accused of a 'massive fraud'.
Two former Deyaar employees have been accused of a ‘massive fraud’ by prosecutors in a case that was heard at the Dubai Court of First Instance yesterday.
The defendants, SA And IJ, have been charged with bribery involving the sale of land.
On one occasion, the pair, who claimed not to know each other, bought a piece of land and then sold it to Deyaar days later for almost twice what they had paid.
However, the prosecution team had unearthed evidence that they had previously been partners.
SA, an Emirati, a former member of the Deyaar board and an executive at Dubai Islamic Bank, was alleged to have made a personal commission of US$ 3.1 million (AED11. million) on the sale.
It is illegal for employees of both Deyaar and Dubai Islamic Bank to accept commissions.
Dubai’s public prosecutors have charged 10 former Deyaar employees with a range of offences including bribery, forgery and breach of trust, swindling and supplying company secrets to competitors.
It's been a difficult week already for Deyaar, with chairman Nasser Al-Shaikh stepping down unexpectedly yesterday. Last week, the developer cancelled its Enclave project in Dubai's IMPZ.
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