Dubai Real-estate official faces $816 m bribery charge - Zameen News

Dubai Real-estate official faces $816 m bribery charge

October 24, 2008 • news

DUBAI: A senior official working with one of the leading real estate developers in Dubai is under scanner for allegedly taking $816.8 million as bribe, the latest trade scandal to crop up in the Gulf business hub.

Walid Al Jaziri, General Manager of sales at Nakheel, the state-owned company behind Dubai's iconic projects such as Palm Islands and The World, has been accused of committing financial fraud to the tune of $816.8 million.

The company has denied the charges, saying, “no embezzlement has taken place within Nakheel and the figure of $816.8 million quoted is categorically incorrect.”

However, a Nakheel spokesperson has told the Gulf News that the company regularly conducts internal audits as part of its commitment to a transparent corporate governance. “As a result of this internal audit process, the company can confirm that a member of staff is being interviewed by the authorities.”

It insisted the allegations of financial irregularities are “in relation to the acceptance of sums paid to an employee by third parties”.

This is the latest case in a series of graft probes in Dubai in recent weeks. There have been reports of an investigation into an alleged financial fraud at real estate finance company Tamweel. - PTI

[Hindu Business News]