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Latest News

Corruption cases that rocked Dubai

Corruption cases that rocked Dubai

A string of arrests and unprecedented action by financial regulators shows that the emirate is clamping down on fraud. We take a look at six cases that shook Dubai Inc.

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March 25, 2010 4:29 by



As Dubai struggles to restructure billions in debt, state authorities are cracking down on financial improprieties, sending a message of zero tolerance on corruption as the emirate looks to rebuild investor confidence.

Dozens of high profile investigations have made headlines, exposing vulnerabilities in systems that were supposed to regulate the business environment.

In April 2009, Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum, said the city would continue fighting corruption. “There is no room for corruption and the corrupt… In all corruption cases, people are not only prosecuted and punished, administrative and legal holes that they exploited to commit their crimes are plugged,” he said. “No one in the Emirates is above the law and accountability.”

A year on, we take a look at six of the highest-profile cases of alleged financial impropriety.

1. Omar bin Sulaiman, Former Governor, DIFC

Earlier this week, it emerged that Omar bin Sulaiman, former governor of the Dubai International Financial Center, has been detained by authorities for questioning. No official charges have been announced and the investigation had not been referred to prosecutors, according to local press reports.

Allegations that Sulaiman committed abuses of his position as a public servant and financial irregularities estimated $13.6 million are the subject of the inquiry, according an unnamed law enforcement officer quoted by Gulf News. Sulaiman has reportedly been in official custody for more than a week.



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6 Comments

  1. jazzy jo on March 27, 2010 7:31 am

    Brave Dubai and brave Sheikh Mohammed. Dubai has gone a long way in the new millenium. Corruptors in the past (80s and 90s) were allowed to stay in their seats and were also given a standing ovation, and media protection (i.e their names in full and photographs were not released/they remained anonymous.

    Exposing people who are corrupt is very important and makes others think twice before following the same footsteps. I believe we should have a law and a strong policy to expose corruptors (like the policy in the US called the ‘whistle blowers’. Other developed and developing countries also have similar policies) in place to protect employees whereby employees (who before anyone else can suspect their bosses intentions and may have evidence to prove these allegations. Customers/ clients who deal with people in the company may also have some proof on bribery etc…

     
  2. Majdi Al Ayed on March 27, 2010 10:29 am

    I heard someone saying this before and I am inclined to make this comment again. All that seems to be happening is that you take old news reports which people have already read and recycle them with no effort or passion for effective journalism. You think that by compiling different reports and stories from other sources, that you are actually creating an “interesting” story which is not really the case.

    Aren’t you capable of doing some extra work such as properly researching and coming up with innovative story angles that will actually mean something to your readers?

     
  3. John Duncan on May 27, 2010 7:34 pm

    All these cases are nothing compared to the amount of money others have embezzled .

     
  4. Nawaz on September 15, 2011 2:52 pm

    The latest is that Kabir Mulchandani an indian expatriate in dubai, the real estate tycoon cleared of fraud charges in December, said he will not sue his accusers but may take legal action against media outlets that published defamatory claims against him.

    Kabir Mulchandani is currently a CEO of Skai Holdings Dubai.

    I have been researching on dubai real estate lightning debacle since post global financial crunch and found Kabir Mulchandani name among those who has been falsely framed. Reference site

    http://www.arabianbusiness.com/-no-point-in-pursuing-accusers-says-mulchandani-401266.html

     
  5. Leila Khan on November 13, 2011 10:19 pm

    I bought a unit 2006 from Minc property , Apex suites, after all payment 100% paid Haroon Mahmood the ceo said that the price size and date were changed, the home was cancelled and resold, then Haroon sent a check, but the bank will not honor this check in 2008, After that they said we sold youtr unit and spent the money, How can any one get this money back? Haroon lives in a billion home in Canada. LKhan

     
  6. Leila Khan on November 13, 2011 10:23 pm

    Can sheik Mohammed Help, we are poor people retired and this is our life savings Apex suites, Haroon left Dubai for Canada , can he be brought back? will we all get our money back? LK

     

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