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Dubai Properties ex-chair freed after repaying funds

Dubai, June 15, 2010

Former Dubai Properties chairman Hashim Al-Dabal has been released after repaying $35 million in public funds which he was accused of embezzling, the emirate's government said on Tuesday.

The executive, who was detained in late 2009, still faces questioning over suspected wrongdoings, the government media office said in a statement.

'Dubai's attorney-general, Issam Humaidan, decided to release the accused Hashem Al-Dabal after he repaid 130 million dirhams ($35.40 million) in public money he had embezzled by exploiting his position and authority,' it said.

Prosecutors started questioning Al-Dabal late last year, one of many cases launched in an anti-corruption drive. After the investigation began, Dubai Holding chief executive Ahmad bin Byat was named acting chairman of Dubai Properties.

Dubai Properties is part of Dubai Holding, a company owned by the ruler of Dubai.

Dubai launched a high-profile anti-corruption campaign in 2008 that saw the arrest of several well-known business figures. In May, Dubai released on bail the former head of its flagship financial district, who is being investigated in connection with alleged irregularities involving $13.6 million in bonuses, after repaying the amount. -Reuters




Tags: Dubai Properties | embezzlement | Al-Dabal |

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