Dubai: Five senior executives from Tamweel and Bonyan Holding are facing charges of bribery of more than Dh46 million in the latest corruption case reviewed by a Dubai court.
The five executives, including the acting chairman of board of directors at Tamweel, the largest real estate finance provide, pleaded not guilty to the charges of bribery and embezzlement before the Dubai Court of First Instance in the first hearing of the case on Wednesday.
All defendants were granted bail by the court at the end of the first hearing.
A.A., acting chairman of board of directors, and A.N, acting executive director, face charges of accepting three plots of land, part of Sama Al Jidaff project, as a bribe from A.S., chairman of Bonyan Holding, in return for facilitating a partnership agreement between the two companies.
The two men gained Dh21.27 million from reselling the plots for higher price, according to the Dubai Public Prosecution records.
The duo also face charges of the embezzlement of Dh13.8 million as they sold two land lots for less than the actual price in return for the Dh13. 8 million.
The next court hearing is scheduled for September 6. The men also face charges, along with 28-year-old Jordanian, F.A., director of investment department, Tamweel, of dispersing another Dh7.8 million.
The chairman of Bonyan Holding, A.S, is facing charges of aiding A.A and A.N and taking three plots of land as a bribe.
A.N. was also charged with dispersing Dh3.6 million and assisting S.M., 40, Emirati, in purchasing a plot cheaper than the evaluated price and selling it for a higher price, after S.M. misused confidential information about the agreement between Bonyan and Tamweel.
