UAE sets up special committee for Al Boom fraud case

Special judicial committee formed to deal with Al Boom fraud case

Victims of property magnate Abed Al Boom must submit any claims against him by December 31, a new official decree has declared.
Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, has issued a decree to create a new Special Judicial Committee to deal with the financial case.
In 2011, Al Boom was found guilty of breaching the trust of 3,706 investors and embezzling Dh960 million of their money, which the court found him to have spent on parties, boats and luxury cars. Only 1 per cent of the stolen money was recovered and seized by authorities.
He was sentenced to 923 years and nine months in prison - three months for each offence.
But his jail term was later suspended by the Court of Appeal after an order was issued to calculate his assets.
The new decree stated: "Creditors and investors that submit their claims and petitions to the Committee after 31st of December 2013 do not benefit from the settlement, without prejudice to their rights, and they may claim their monies from any further settlements."
A clause in Sheikh Mohammed's August 2009 decree specifies that no criminal or civil action could be taken against Mr Al Boom until all his assets were liquidated and his investors reimbursed.
Those who fail to submit their claims before the latest stated date will not be able to claim compensation, and they may file a criminal report with reference to the penal action.
Dubai Appeal Court and Chairman of the Judicial Committee, Judge Saeed Hilal Al Zabbi, said that the decree amendment authorised the committee to determine the debtor's international assets, run settlements and distribute the liquidised monies to the creditors and investors whose claims had been endorsed by the committee.
Judge Al Zabbi said defining December 31, 2013 as the last date to accept creditors and investors claims would enable the committee to adhere to the time limitation stated in the decree.
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