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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

Dubai Islamic Bank, DIB, has been sued in Bahrain, 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.

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