Al Boom case goes to Dubai court

Dubai: The Dubai public prosecution has referred Abid Al Boom, owner of Abid Al Boom Management and Development Properties, and his partners to the Dubai court of misdemeanour on charges of breach of trust, issuing a bad cheque and embezzlement.

Al Boom is also charged with swindling investors in the real estate sector of more than Dh900 million.

There are more than 3,700 claimants involved in the case, according to a Dubai Public Prosecution statement issued yesterday.

His partners were charged with criminal complicity in breach of trust, according to Yousuf Mohammad Foulaz, Head of the First Public Prosecution in Deira.

The public prosecution referral coincides with a decree, issued on Tuesday, by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to set up a judicial committee to liquidate the assets of debtor Al Boom.

As per the decree, the committee is tasked to list all the properties and funds of the Emirati businessman and determine his financial situation, his rights and obligations.

The decree also stipulated all legal cases and rulings against the debtor to be suspended and that Dubai courts should not accept any case against Al Boom except criminal cases.

It is also responsible for listing the names of depositors, their money deposited, and finding out the amounts the depositors have already received from the debtor.

The committee is also charged with making a final list of creditors and their credit and it will also be responsible for collecting the money and paying back the creditors.

All decisions and rulings issued by the committee are final and binding.