Suspect seeks damages from DIB's ex-officials

Dubai: A court will inform Dubai Islamic Bank's (DIB) ex-chairman [2001-2008], and three executives that a civil lawsuit was lodged against them by one of the seven suspects charged with defrauding DIB of Dh1.8 billion.

Advocate Dr Habib Al Mulla, defending one of the suspects [DIB's ex-financing manager, Pakistani U.H.] lodged before the Dubai Court of First Instance a civil lawsuit against DIB's ex-chairman, the head of the financing commercial operations team, the operations manager and risk management's chairman. In his civil action, Dr Al Mulla claimed the executives caused damages to his client after they collaborated to conceal fraudulent operations.

"The court has agreed to inform them about the civil lawsuit lodged by U.H. The seven suspects [charged with defrauding DIB] remain in custody. The court will reconvene on August 9," decided Presiding Judge Hamad Abdul Latif Abdul Jawad towards the end of on Monday's hearing.

Lawyer Abdul Aziz Al Matroushi, defending one of the seven suspects, 50-year-old British businessman C.M., produced in courtroom four documents, including a copy of DIB's general budget 2007-2009 to show that the bank suffered no losses. He also presented an accounting report denying that DIB was defrauded.

The court disregarded Dr Al Mulla's request to refer the case back to prosecutors for a re-investigation. DIB's lawyer Hasan Arab asked the court to have a copy of the documents presented by Al Matroushi. Prosecutors had charged seven suspects, five businessmen and two ex-DIB officials of defrauding the bank of Dh1.8 billion between 2004 and 2007.