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Dubai to free three former Tamweel property executives on bail |
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07.30.2009 |
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DUBAI: A Dubai court yesterday ordered released on bail three former executives of Islamic mortgage lender Tamweel suspected of embezzlement, one of several corruption probes in the Gulf business hub.
Adel Al Shirawi, along with Feras Kalthoum and Saad Abdul-Razak, are expected to be released from jail soon, said a spokesman for the court. Two of the men, who are yet to be charged, have been held for a year.
The prolonged detention of several executives as part of corruption probes in Dubai, which is seeking to become a major global financial centre, has been criticised in the West by groups such as Amnesty International.
Suspects may be held without charge for 48 hours, but laws in the Gulf emirates allow prosecutors to extend the period by renewing custody orders.
The Tamweel detentions are part of a series of high-level arrests of bankers and property officials in Dubai, which have shaken the financial establishment, as the government promises to root out corruption in the regional trade and tourism centre.
Tamweel is the United Arab Emirates' second largest mortgage lender after Amlak. The two companies are being restructured by the government and could be merged as they suffer from a sharp downturn in real estate prices after the global financial crisis.
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Source:www.thepeninsulaqatar.com |
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