Business | General
Corporate corruption probe widens
Housing mortgage company Tamweel acknowledged that deputy group chief executive Abdullah Nasser Abdullah has been arrested by Dubai police in a corruption investigation.
- By Shakir Husain, Staff Reporter, and Bassam Za'za', Senior Reporter
- Published: 23:25 September 9, 2008
- Image Credit: Gulf News
- Last month police arrested Adel Al Shirawi, Tamweel's former chief executive, and the company's former head of investments, Feras Kalthoum, over financial embezzlement.
Dubai: Housing mortgage company Tamweel on Tuesday found itself facing more scrutiny as it acknowledged that deputy group chief executive Abdullah Nasser Abdullah has been arrested by Dubai police in a corruption investigation.
Abdullah, who is also chief executive officer of Tamweel Properties & Investments LLC, a fully-owned Tamweel PJSC subsidiary focused on real estate investment and brokerage services, becomes the third official with Tamweel connections whose case has become public.
Last month police arrested Adel Al Shirawi, Tamweel's former chief executive, and the company's former head of investments, Feras Kalthoum, over financial embezzlement. Tamweel told the Dubai Financial market, where its shares are traded, that Abdullah "has been detained for questioning by Dubai government authorities in connection with an ongoing investigation."
Tamweel did not provide information of the investigation saying it could "jeopardise" the ongoing case. Abdullah was arrested nearly a week ago over alleged swindling of money, Dubai Public Prosecution sources told Gulf News. "He has been detained since last week and is being questioned over alleged financial irregularities. He is facing alleged charges of embezzlement, swindling of money and of conning people," said the source.
Sources close to the investigation said that one of the suspects who was arrested earlier in the same case reportedly accused Abdullah of being involved in the financial irregularities. It is alleged that his case involves between Dh40 million and Dh140 million. However, this information could not be confirmed by the Public Prosecution or police.
The news of arrest on Tuesday sent Tamweel's shares lower. The stock closed 4.06 per cent down at Dh5.20. The latest arrest highlights widening investigations into corporate corruption in Dubai's booming real estate and financial sectors.
The Dubai government reiterated recently that it has zero tolerance towards corruption in the public and private sectors.
More from Business General
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
