Mashreq and Al Hilal Bank: one card fits allJuly 29, 2015 3:08
Dubai acquits five in Nakheel’s World Islands case
No specific reason was given for the ruling
November 7, 2010 3:44 by Reuters
In a rare verdict, a Dubai criminal court acquitted on Sunday five suspects in a corruption case involving the World Islands project developed by Dubai’s Nakheel without specifying the reasons for its decision. The acquitted five suspects included a Canadian, British, Bangladeshi, Russian and Chinoy’s father, who had to stand trial after Nakheel reported a manipulation of its property sales on the man-made islands project shaped like a map of the world.
The court also announced the expiry of a criminal claim brought by prosecutors against Samir Chinoy, a Nakheel sales executive and the primary suspect in the 22 million dirham ($6 million) case. Chinoy died last year in what appeared to be a suicide.
Chinoy died after falling from his balcony in a Dubai luxury hotel on July 9 this year, a month after he was granted bail.
Nakheel accused Chinoy of accepting bribes from four suspects and abusing his position in the company, while his father was implicated for collaborating in the crime.
Dubai, the Gulf Arab region’s tourism and trading hub, launched a high-profile anti-corruption campaign in 2008 that saw the arrest of several well-known business figures. ($1=3.672 Uae Dirham)
(Reporting by Tamara Walid