The legal consultant, who is also British and worked for the accused, owner of Plantation Project in Dubai Land, testified in the Court of First Instance that his former boss entered the negotiations between the bank and one of the defendants because the latter was a partner in the Plantation Project.
“Plantation Project was owned by my boss 100 per cent. Later, he needed more capital so he let the two defendants (British businessmen) take up 30 per cent of the shares,” the witness said. He said that when the bank started negotiations for recovering its funds, one of the accused sought the help of his boss since his shares were not enough to enable him to pay a guarantee to the bank.
A per the case papers, the bank was defrauded of more than $500 million (Dh1.8 billion) through loans extended to five businessmen, three of them British, an American and a Turkish, to undertake projects.
The two ex-senior executives of the bank are accused of collecting bribes worth $750,000 and $950,000 in return for crossing their allowed job descriptions and grant the businessmen loans exceeding the maximum limit usually allowed by DIB. The Two British businessmen and the Turkish are accused of defrauding Dh 1.8 billion (about 500 million dollars) from DIB.
They are also accused of forging documents of bogus transactions made by companies they just established at some time between 2004 to 2007 and submitted them to the bank to get financing for their projects. The trio made use of the commercial relation between the Turkish businessman’s finance company (CCH) based abroad and DIB to Submit the fake transactions.
Gladiators are now occupying the top position with 12 points, pushing Team Abu Dhabi (12 points) to second place, thanks to superior net run-rate
Cricket3 hours ago
Galadari Brothers powers its way to the top of the leader board — ranking in the top 10 out of 600 participating companies
UAE3 hours ago
Sunday's emphatic victory over Nepal in the Asian qualifiers (November 22-28) came after UAE had beaten Malaysia, Kuwait, Hong Kong and Bhutan
Cricket3 hours ago
Virgil Abloh was the artistic director of Louis Vuitton’s menswear collection
World4 hours ago
Reforms will impact on the lives of people while opening its arms wide to new businesses and economic activity
4 hours ago