DUBAI // The trial of Abed al Boom, the developer accused of defrauding investors of almost Dh1 billion, was adjourned yesterday until the liquidation of his assets is complete and it is known how much money it raised.
Mr al Boom, 41, and seven other suspects were arrested last year for allegedly defrauding up to 3,700 depositors of Dh960 million (US$261m). They are charged with issuing fraudulent cheques, swindling and breach of trust.
Last month, the Dubai Misdemeanour Court of First Instance ordered the Public Prosecutor's office to report on the progress of the liquidation.
A Public Prosecution official close to the investigation told The National that determining the results of the liquidation was expected to take a long time but would not be more specific.
Mr al Boom and his associates - his brother KB, and a fellow Emirati, ARB, 49, along with Malawian MM, 55, Somali administrators ZH, 40, AH and ZY, both 36, and Egyptian accountant ME, 27 - were granted bail last month after their lawyers argued that there was no legal reason for them to remain in custody.
The court granted bail on condition that Mr al Boom turn over his passport and, as an additional guarantee, the passports of his wife and his adult children, along with the passports of five other unidentified Emiratis. He was also told that he would be fined Dh500,000 each time he failed to appear in court without a valid reason.
All of Mr al Boom's fellow defendants were ordered to surrender their passports. Each faces a fine of Dh100,000 if they fail to appear in court.
Mr al Boom's charge sheet alone runs to approximately 1,500 pages. The prosecution case file contains more than 32,500 pages of depositions and other evidence.
Presiding Judge El Saeed Bargouth adjourned the case until October 6.
newsdesk@thenational.ae
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place play-off
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.