UAE | Crime
Special panel to help settle Al Boom debts
A special committee will decide how 3,695 investors will recover money from Al Boom assets
- By Bassam Za'Za', Senior Reporter
- Published: 00:00 February 14, 2012
Dubai A special committee formed in 2009 to liquidate Emirati business tycoon Abid Al Boom's assets will have the final say on how 3,695 depositors will recover their invested amounts. The committee [appointed upon a Ruler's decree in August 2009] is working closely on calculating Al Boom's assets and properties to settle the debts owed to depositors, Al Boom's lawyer Hassan Juma Al Raisi told Gulf News.
Presiding Judge Mohammad Nabil Riyadh upheld the appellate court's decision in Al Boom case to suspend all legal action, and cancelled his 923-year imprisonment for defrauding nearly Dh900 million from 3,695 investors.
The Cassation court rejected prosecutors' appeal to overrule the court's judgement and order a fresh trial. The Court confirmed the cancellation of Al Boom's conviction, suspended his punishment and halted all legal action against him.
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