DIB fraud defendants file charges against bank
Prosecutors in Dubai had charged the four with wrongly obtaining a bank loan.
June 3, 2010 9:52 by Rasha Reslan
Dubai Islamic Bank, DIB, has been sued in Bahrain, Zawya.com reported today.
The bank faces a $650 million legal fight following a legal claim entered by a Bahrain resident and his business associates.
Charles Ridley and partners Ryan Cornelius, Erin Nil and Arthur Fitzwilliam filed a civil suit in Manama “requesting a precautionary attachment order on $651 million of the Islamic bank’s funds held by the Central Bank of Bahrain,” the report said.
Ridley and the other claimants in the suit face fraud charges in Dubai of $501 million.
More on GCC
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
-
Emirates Airline reaps expansion profits
-
Saudi Arabia has 13 cases of SARS-like Coronavirus – WHO
-
UAE Central Bank Shuts Two Money Exchange Firms For Violations
-
Emal plans further expansion
-
Dubai looking at alternatives to repay debt
-
Two more die in Saudi Arabia from SARS-like virus – WHO
-
Alwaleed’s Kingdom on the prowl
-
Qatar Airways now looks to Airbus
-
World’s Longest-Range Passenger Jet
-
Abu Dhabi says financial zone will bridge a gap
-
Five dead from new SARS-like virus in Saudi
