Istithmar suspends two top executives

Dubai: Two high-ranking Istithmar World executives have been suspended from their roles within the company, for alleged financial wrongdoings at their previous Tamweel workplace, Istithmar World has confirmed.

Adel Al Shirawi and Feras Kalthoum have been indefinitely suspended from their positions.

"In light of the ongoing investigations of Adel Al Shirawi and Feras Kalthoum in relation to activities during their previous positions at another company, Istithmar World confirms that Al Shirawi has been suspended from the position of vice-chairman of Istithmar World and Kalthoum has been suspended from the position of chief financial officer of Istithmar World," said government-owned Istithmar World on Sunday in a statement to the media.

As part of one of the many investigations being carried out in Dubai, Al Shirawi was arrested on August 5 for alleged embezzlement and mistrust during his tenure as former chief executive officer of housing finance provider, Tamweel.

Kalthoum had previously been chief financial officer of Tamweel.

Stepped down

Al Shirawi eventually stepped down as chief executive of Tamweel in January this year.

In August, the Dubai police referred the case to the Public Prosecutor.

It would seem that such high-ranking executives who have been given the responsibility of leading major companies into a more transparent future have not yet worked out that cases of corruption can certainly be found out in Dubai.

An official told Gulf News on Sunday that no further information regarding Al Shirawi's activities was available.

It remains unclear whether Al Shirawi is still a member of Tamweel's board of directors.

Chief executive of Tamweel, Wassim Saifi, was not available for comment when contacted by Gulf News.

Tamweel has not been going through great times recently especially after its deputy group chief executive, Abdullah Nasser Abdullah was also arrested in connection with a corruption investigation.

Do you think corporates should voluntarily take initiatives to eliminate corruption? Should the people charged with corruption be removed from their post? Tell us at letter2editor@gulfnews.com or fill in the form bellow to send your comments.

I have been working in Dubai for over 7 years, and it is not easy to eliminate corruption. Corruption is there at every level and will continue to rise in this world of increasing cost. People have asked me to pay them for giving projects, approving proposals, clearing invoices and everything. I can vouch every big company there is corruption.
Natesh
Dubai,UAE
Posted: September 15, 2008, 07:58

Corporates should be the leading example of anti-corruption. Corruption is the cancer of every sociaty that will result in a melt down of all social and legal services. I would not want to live in such sociaty.
Rami
Dubai,UAE
Posted: September 15, 2008, 06:47