Financial expert asked to submit detailed report in Deyaar case

Dubai: A financial expert from Dubai Financial Control Department has been ordered to submit an additional detailed report concerning the alleged financial irregularities in the Deyaar corruption case to court next month.

Ex-minister, M.K., who chaired Deyaar's board and the company's former CEO, 43-year-old American Z.S., had earlier pleaded not guilty to the charges of power abuse and dispersing public funds worth Dh56.6 million.

"The Court of First Instance reconvenes on December 15 for the financial expert to present his additional report detailing the misappropriated amounts and the amount of money that Deyaar incurred," said Presiding Judge Al Saeed Mohammad Barghout when he addressed the Egyptian financial expert who was scheduled to testify yesterday.

The judge ordered the key prosecution witness (who prepared the case's main auditing report) to specify in the additional report the amounts which were reportedly misappropriated by M.K. and the amounts which the ex-minister reportedly helped Z.S. to obtain unlawfully.

The judge accepted the request by Senior Prosecutor Khalid Al Zarouni to adjourn the hearing until the Public Prosecution tenders a modified bill of charges.

Lawyers Samir Jaafar and Ali Abdullah Al Shamsi, who are defending M.K. and Z.S. respectively, asked the judge to cross-examine the Egyptian financial expert after he presents the additional report.

M.K., who is on bail, strongly denies claims that he profited illegally, hurt the country's interests and misappropriated public money (from Deyaar) when he defended himself in court of First Instance.

He also denied allowing Deyaar's former CEO to misappropriate Dh53.5 million from Deyaar and Dubai Islamic Bank.

Co-accused

Z.S., who is still in detention for failing to secure Dh4-million bail, also denied all his charges and pleaded not guilty.

According to the arraignment sheet, M.K. was charged with causing damage to Dubai Islamic Bank (DIB) and Deyaar. Z.S. was charged with receiving six million Deyaar shares, 380,000 Tamweel shares, 145,000 DIB shares and Dh17.9 million in cash as bribes for granting M.K. concessions and benefits worth Dh56.6 million from Deyaar.