close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

Former Dubai bank executives face heavier penalty

Dubai jail terms can be up to 20 years for finance crimes.

0

October 25, 2010 9:07 by



A Dubai court restarted a fraud trial against two former executives of Dubai Islamic Bank (DIB) on Sunday having changed their status to government officials, making a stricter punishment more likely.

The two, and five other suspects, are accused of defrauding DIB, in which the Dubai government owns a 30 percent stake, of 1.8 billion dirhams ($496.5 million). It was not clear why they were charged previously as private sector workers.

The United Arab Emirates penal code stipulates more severe punishment for government employees and UAE law treats all workers in state-related entities as public sector employees.

Dubai, the Gulf’s tourism and trading hub, launched an anti-corruption campaign in 2008 that saw the arrest of several high-profile business figures, including government ministers.

Since its debt crisis, Dubai, one of the UAE’s seven emirates, has been doing forensic audits at state-linked firms.

The two men, Pakistani citizens, were arrested in 2008 and first appeared before a Dubai criminal court in March this year.

But prosecutors refiled the case against the two defendants on Sunday after the court asked them to do so in August, charging them as government officials.

Dubai police have not been able to arrest two of the other suspects, a U.S. and a Turkish citizen, who fled the country.

Prosecutors say the seven suspects swindled DIB by submitting “documents and invoices about fraudulent deals”.

The case also involves three British businessmen who are being detained in Dubai and are facing trial.

Last December, Dubai adopted a new law under which the state can impose prison terms of up to 20 years for financial crimes.

The law came a little over a month after Dubai World , the emirate’s largest conglomerate, shocked global markets when it asked creditors for a payment standstill on no less than $26 billion of debt.

(Writing by Mahmoud Habboush; Editing by Louise Ireland)



0

Tags: , , ,

Leave a Comment