International lenders did not disclose specificities, but said it was part of global cost-cutting plansNovember 26, 2015 11:32
Ex-head of Dubai Properties freed after $35 million repaid
Former chairman released; investigation for alleged financial irregularities continues.
June 15, 2010 3:50 by Samuel Potter
Hashim Al Dabal, the former chairman of state owned Dubai Properties, has been released by the Dubai Prosecutor’s office, reports Bloomberg.
The move comes after Al Dabal made a payment of AED 130 million ($35.4 million) following an embezzlement investigation. He was accused of taking public funds.
Attorney General Essam Al Humaidan said that Al Dabal was released after he “deposited the embezzled money with the treasury of the Attorney General for the interest of Dubai Government.”
Al Dabal is still being investigated for abuse of power, according to an e-mailed statement from the government’s media office. He was arrested last year on suspicion of fraud at the company, says Bloomberg.
“It’s too early to explain the course of disposition on the counts as corruption cases require, in general, specific procedures by the law,” said Al Humaidan.