UAE | Media

Lawyers flay newspaper for slandering Al Boom company

The lawyers of Abid Al Boom, an Emirati businessman, who owns Abid Al Boom Management and Development Properties, have stressed that no criminal complaints have been lodged against their client who runs a huge investment portfolio.

  • By Bassam Za'za', Senior Reporter
  • Published: 23:33 June 23, 2008
  • Gulf News

Dubai: The lawyers of Abid Al Boom, an Emirati businessman, who owns Abid Al Boom Management and Development Properties, have stressed that no criminal complaints have been lodged against their client who runs a huge investment portfolio.

Al Boom on Monday criticised an Arabic newspaper which published his story and accused it of reportedly damaging his reputation.

Committing to the Media Code of Ethics, Gulf News will not name the Arabic newspaper. The Arabic daily said in a front page report on Saturday that the temporary committee which looked into Al Boom's investment portfolio discovered that he reportedly ran a bogus portfolio.

The newspaper cited the committee alleging that Al Boom collaborated with African suspects and conned investors through the bogus portfolio.

The newspaper said the committee recommended that his properties be liquidated according to local rules and in cooperation with the Dubai Public Prosecution and courts in order to preserve the funds of depositors and investors.

"I didn't commit any crime or violate the laws. I resent the way in which my story was published in that Arabic newspaper ... the headlines angered me and I got upset with the news' style which intentionally aimed at ruining my reputation in the market. I have respected the decisions of Dubai's Attorney-General and committed to implementing the committee's measures ... although until now I don't know how the committee was formed, or what its powers are!" said Al Boom in a statement, a copy of which was sent to Gulf News.

The businessman also criticised the newspaper which published the committee's decisions and findings which he came to know about through the newspaper without being personally contacted by the committee and informed about the findings.

"I do respect all the local authorities, but I will consider the committee's job as unlawful until the newspaper publishes the decision upon which the committee was formed ... I hope it gets published within 24 hours because somebody from that committee sent the findings report to the newspaper before it reached any other party, including me," claimed Al Boom.

His lawyers Salim Al Sha'ali, Zayed Al Shamsi and Hassan Al Raisi denied all allegations against their client.

"The contract between Abid Al Boom and the investors is considered a speculative company contract according to article 693 of civil procedures law of Federal Law No 5 for 1985 amended by Federal Law No 1 of 1987, which stipulates that [a speculative company is a contract upon which the investor provide the capital and the speculator works to make profit]," said the lawyers.

They expressed their astonishment towards the committee's criticising lawmakers and justifying their failure to accuse Al Boom of any criminal act through one-year investigations, which started with money laundering issue and swindling scams.

"We are confident that the Central Bank's legislations are perfect and updated unlike what one of the committee's members told the Arabic newspaper that there are loopholes and flaws in the Central Bank's laws. If we consider what a committee member announced in two newspapers on June 18 and 24 that the committee seized Al Boom's properties and lands and called on investors to collect their deposits from the Economic Department in Dubai (through a special criteria), then we believe that this committee has spared Abid Al Boom of any liability and it claimed full responsibility to repay all the investors," they said.

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