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Latest News

Former Dubai Islamic Bank boss sentenced to three years in prison

SA, also formerly a board member with the developer Deyaar, is fined more than $27.2 million.


March 15, 2010 11:45 by

The former chief executive of Dubai Islamic Bank has been sentenced to three years in prison and fined more than $27.2 million for accepting a bribe and unlawful commissions, according to a report by The National.

‘SA’, an Emirati who served as DIB’s chief executive officer and is also a former board member with the developer Deyaar, was ordered to pay AED100,000 in civil compensation.

The Criminal Court of First Instance convicted the 40-year-old of accepting a AED11.75 million bribe to facilitate a property sale and collecting unlawful commissions worth AED16 million on the sale, according to the newspaper.


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1 Comment

  1. Andrew on March 16, 2010 12:03 pm

    How amusing that they name the person when arresting them, but still insist on initials now they’re convicted.


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