Istithmar Suspends its Top Officials Involved in Wrongdoing

With the Govt. proceeding with its investigations related to corruption, Dubai sovereign wealth fund, Istithmar World has suspended its vice chairman Adel al-Shirawi and chief financial officer, Feras Kalthoum.

It was confirmed through a statement that Adel al-Shirawi will no longer be serving as a board director of Istithmar World.

Earlier during the month of August, Istithmar World, a unit of state-owned Dubai World had confirmed, “The two were being investigated for alleged wrongdoing while in their previous positions at Dubai mortgage lender Tamweel.”

It is learnt that Istithmar World has got 21.6% stake in Tamweel, and that makes it the biggest shareholder of Tamweel.

At the time when the issue of corruption arose, Kalthoum was head of investments at Tamweel, which is the largest mortgage provider in the United Arab Emirates by market value. Earlier in January, Shirawi had withdrawn from the post of Tamweel's chief executive.

This incident has affected the real estate stocks in the UAE, and the investigations are being carried out by Dubai police. They have put the case under the alleged financial irregularities.