Two jailed for malpractice over Dh2.4b property deal

Two jailed for malpractice over Dh2.4b property deal

Directors charged with helping investor defer payments

By Bassam Za’Za, Senior Reporter

Published: 00:00 April 29, 2011

Dubai: Two Emirati directors face one year in prison for abusing their connection with a Nakheel employee in order to get a German investor deferred payments in a Dh2.4 billion land deal.

The Dubai Misdemeanors Court yesterday jailed the Emirati directors, A.T. and M.F., both 29, for one year, although they pleaded not guilty and accused the German investor of false accusations against them.

Senior Prosecutor Khalid Al Zarouni, Deputy Head of Bur Dubai Prosecution, charged M.F., director of a realty investment company, and A.T., an administrative director, of abusing their connection with a Nakheel employee to get the German discounts and defer payments on a bribe worth Dh21.8 million in cash and cheques.

The two men pleaded not guilty and denied their charges in court.

“The court has fined the defendants Dh14.3 million and the bribe money will be confiscated. Meanwhile the civil lawsuit lodged against the defendants by the claimant in civil right [Nakheel] has been squashed,” said Presiding Judge Zakaria Abdul Aziz in courtroom five yesterday.

via gulfnews : Two jailed for malpractice over Dh2.4b property deal.

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