DUBAI // The Emirati businessman and property magnate Abid al Boom, who is accused of embezzling almost Dh1 billion, has failed to deposit any funds into the court's treasury, public prosecutors revealed yesterday. This, despite promises in June from his legal team that US$20 million (Dh74m) had been transferred. Mr al Boom, the chief executive of Al Boom Holdings, is accused of breaching the trust of 3,700 investors and embezzling the money from them.
On June 27, Advocate Ali al Falasi, one of Mr al Boom's three lawyers, presented the court with bank transfer documents stating $20m had been paid. He said the deposit could be expected by the court's treasury within 96 hours. Yesterday the public prosecutor showed the court that no money had been deposited and asked that Mr al Boom's bail be revoked. "Your honour, the defendant has repeatedly promised to make deposits but has failed to do so," said prosecutor Younis al Baloushi. "We request that the court revoke his bail and confine him until full payment is effected."
Mr al Boom's defence team objected to the request and told the court the payments had been made to the liquidation committee's account through various channels. Presiding Judge Al Saeed Bargouth ordered an investigation into the liquidation committee's accounts to reveal if any money had been deposited and warned Mr al Boom in open court: "If no payments are made by the next hearing your bail will be revoked."
Public prosecutors had earlier accused Mr al Boom of spending most of the embezzled funds on parties, boat purchases and luxury cars, leaving only one per cent of the amount embezzled to be seized. Prosecutor Younis al Baloushi said Mr al Boom and his accomplices had acted "like animals" after cheating 3,700 investors. The court had heard how Mr al Boom purchased 53 luxury vehicles, including Bentleys, for himself and his managers. It was also revealed that he purchased a luxury yacht for himself as well as two other boats, one of which was used for specifically parties and receptions.
Among other charges of decadent spending, Mr al Boom was accused by prosecutors of spending millions in donations to football clubs and the purchase of special number plates. Judge Bargouth adjourned the case to August 22. amustafa@thenational.ae