‘Staggering’ revelations by Dubai anti-corruption investigators

A latest report by Dubai anti-corruption investigators has specified that executives from some of Dubai's leading real estate and financial firms have stolen or used as bribe money a sum of AED3.58 billion (US$950 million).

A well known paper, which issued the report, has claimed the results so far as 'staggering.'

The newspaper said, "Eleven investigations or court cases are under way, 34 executives are either in court or on their way there, and AED3.58 billion (US$950 million) has allegedly been stolen or used as bribe money, according to files from public prosecutors that give the first overview of the whole operation."

It should be noted that the government-owned Dubai Islamic Bank is also involved in this biggest case. The bank has been defrauded of AED 1.82 billion.

The chief executive officer of Al Boom Holdings is the next biggest to be involved, who has been blamed for defrauding 3,700 investors of more than AED900 million.

The newspaper concluded, "In all, at least eight major firms, six of which are owned by the Dubai Government, have had several of their senior executives indicted."