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Court hears Tamweel, Bonyan bribery case |
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Thursday July 30 2009
Dubai: Five senior executives from TamweelTamweelLoading... and Bonyan HoldingBonyan HoldingLoading... are facing charges of bribery of more than Dh46 million in the latest corruption case reviewed by a Dubai court.
The five executives, including the acting chairman of board of
directors at TamweelTamweelLoading..., the largest real estate finance
provide, pleaded not guilty to the charges of bribery and embezzlement
before the Dubai Court of First Instance in the first hearing of the
case on Wednesday.
All defendants were granted bail by the court at the end of the first hearing.
A.A., acting chairman of board of directors, and A.N, acting executive
director, face charges of accepting three plots of land, part of Sama
Al Jidaff project, as a bribe from A.S., chairman of Bonyan
HoldingBonyan HoldingLoading..., in return for facilitating a
partnership agreement between the two companies.
The two men gained Dh21.27 million from reselling the plots for higher price, according to the Dubai Public Prosecution records.
The duo also face charges of the embezzlement of Dh13.8 million as they
sold two land lots for less than the actual price in return for the
Dh13. 8 million.
The next court hearing is scheduled for September 6. The men also face
charges, along with 28-year-old Jordanian, F.A., director of investment
department, TamweelTamweelLoading..., of dispersing another Dh7.8
million.
The chairman of Bonyan Holding Bonyan HoldingLoading..., A.S, is facing
charges of aiding A.A and A.N and taking three plots of land as a bribe.
A.N. was also charged with dispersing Dh3.6 million and assisting S.M.,
40, Emirati, in purchasing a plot cheaper than the evaluated price and
selling it for a higher price, after S.M. misused confidential
information about the agreement between Bonyan and Tamweel.
Source: Zawya
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