Former DIFC chief held in fraud probe

Former DIFC chief held in fraud probe

Omar bin Sulaiman, former governor of the Dubai International Financial Center, is being questioned by authorities over alleged $13.6 million financial crime.

March 24, 2010 10:43 by Ben Flanagan

Omar bin Sulaiman, former governor of the Dubai International Financial Centre, is being questioned by authorities as part of a probe into an alleged financial crime.

Bin Sulaiman has been detained by state security officials for the past week, according to an unnamed source quoted by Zawya Dow Jones.

Zawya Dow Jones quoted sources familiar with the situation as saying that no charges have yet been laid against Bin Sulaiman. The investigation has not yet been referred to prosecutors.

According to a report in Gulf News, a “high profile” former DIFC official, which the newspaper referred to only as an Emirati with the initials ‘OS’, is “being questioned for allegedly abusing his post as a public servant and committing financial irregularities amounting to about Dh50 million [$13.6 million]“.

Bin Sulaiman was removed from office in November last year, with no reason given for his departure at the time. He was replaced by Ahmed Humaid al-Tayer.

Tags: Dubai International Financial Centre, fraud, fraud probe, Omar bin Sulaiman

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5 Comments

Mike on March 24, 2010 12:47 pm

Seriously?
The Police should look into corruption in way more private practices… say places like: Major Supermarkets, Major TV Networks, Major Advertising Companies…. i mean that’s the bare minimum and create a free and fair market that would guarantee growth to this place…

… but nooooooooooooooooooooo…. let’s arrest morons that hold hands and kiss…. let’s damage tourism and make Dubai a destination for noone…

I’d love to sit by Sheikh Mo’s side for one whole week… just one.. and explain how the country is being damaged…. just 1 week and i’ll spill my guts out…. i’ve seen this place grow but i’m also seeing this place die a slow and painful death… a real pity…
Sarah Daniels on March 25, 2010 10:24 am

disgraceful… when is the criminal justice system going to step in start dealing with corruption in the UAE. Or are the courts just so inundated with sexpat and textsexpat cases, they chose to overlook a local who has commited a crime.
Suresh on March 26, 2010 12:52 pm

Why are we surprised ? Or are we surprised ? In a country where the press – consisting mostly of expats – live in fear of repercussions for reporting facts there are bound to be some locals in authority who will take advantage of their privileged positions and expect to get away with it.

A major step that needs to be taken is to have a free press with a caveat that those who expose what is wrong in the emirates will themselves not be victimized.

I speak with experience as someone who has suffered injustice and can do little about it.

I understand exactly how Mike feels and know that each of us have many things to say the people at the top. But are they willing to listen ?
Dismanirie on March 27, 2010 9:21 am

Why has it taken until 2010 to investigate the chairman of the DIFC. In 2004 Ian Hay Davidson and Phillip Thorpe of the DFSA, charged with regulating the DIFC, were summarily fired for questioning the propriety of land deals between DIFC and some of its senior directors.

If the investigators had been diligent then, the pillage of the DIFC would have been stopped then and there.
Zarmeen Sipra on April 9, 2010 10:11 am

Hope to see justice take place soon, and Allah will protect the innocent people.