Dubai: A former minister, who chaired Dubai Islamic Bank's (DIB) board, did not consult its members when he granted six million shares to Deyaar's former CEO as a bonus, testified a financial auditor on Sunday.
The Financial Control Department's Egyptian financial auditor testified before the Dubai Court of First Instance that the 54-year-old Emirati former minister, M.K., did not consult DIB's board members when he granted the stocks as a bonus to Deyaar's former CEO, 44-year-old American Z.S.
"The approval of DIB's board to give stocks as a bonus was limited for the bank's employees. According to the examined documents, M.K. didn't consult or get the board's approval for giving out that bonus," testified the witness, M.M., before Presiding Judge Al Saeed Mohammad Barghout yesterday.
M.K. earlier denied the charge of aiding, abetting and urging Z.S. to receive a bribe of six million of Deyaar's shares, 380,000 shares of Tamweel, 145,000 shares of DIB and Dh17.9 million against giving M.K. discounts and benefits worth Dh56.6 million from Deyaar.
Defending M.K. and Z.S. respectively, advocates Samir Jaafar and Ali Abdullah Al Shamsi cross-examined M.M. over two hours. The judge adjourned the case until April 13.
Prior to that, M.M. gave a two-hour statement in another case involving two Australian ex-Nakheel executives, charged with unlawfully gaining Dh44.1 million from the Waterfront project.
The suspects pleaded not guilty.
