Al Boom liquidation committee to be investigated: Dubai court

The Dubai misdemeanour Court of Appeal ordered an inquest into the Abed al Boom liquidation committee.

DUBAI // Abed al Boom's lawyer told the Court of Appeal yesterday a liquidation committee's list of people who had filed for compensation did not match the names listed in his client's case files.
The court then ordered an inquest into the liquidation committee.

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The Emirati property magnate al Boom was convicted by a special tribunal court on February 28 of 3,695 counts of fraud and sentenced to 923 years and nine months in prison - three months for each offence.

The committee had been appointed in a decree by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, and assigned to use al Boom's assets to repay investors he defrauded.

In his first appearance at the Court of Appeal, al Boom's defence lawyer, Hassan al Raisi, told the court some of the victims who had registered with the committee had not registered complaints against the magnate.

Mr al Raisi said the total value of alleged embezzlement, according to the committee, did not match that registered by public prosecutors. The court ordered prosecutors to obtain the committee's documents and investigate the defence's claims.

Al Boom was found guilty of embezzling Dh960 million of investors' money, which prosecutors said he used to fund his lavish lifestyle. Only 1 per cent of the embezzled money was recovered and seized by authorities.

The prosecutor, Younis al Baloushi, told the court al Boom and his accomplices had "acted like animals" after they cheated the investors of their savings.

Prosecutors said al Boom created a bogus property investment portfolio, took clients' money, then doled out small payments to investors so they would think their funds were generating a return.