DUBAI // The former chief executive of the property developer Mizin, charged with taking bribes and giving excessive discounts on property sales, violated a company-wide moratorium on such sales, a court heard yesterday. An investigating officer told the Dubai Criminal Court of First Instance that SH, 50, had sold land during a period when Tatweer, Mizin's parent company, had halted sales.
SH, an Emirati, denies accepting Dh1.98 million (US$7.3m) in bribes from a second defendant, JH, 53, an Arab investor. In return, according to prosecutors, SH gave JH discounts of up to three per cent - rather than the normal two per cent - and authorised a relaxed payment schedule. The Emirati sales manager at Mizin, SK, who also gave evidence yesterday, said excessive discounts on sales might have resulted in a financial loss for the company but she could not quantify that loss.
In her written statement, SK noted that in several instances SH had given JH preferential treatment. SH is also accused of accepting down-payments of 10 per cent from JH, instead of the standard 15 per cent. She said SH would reserve plots for JH for an extended period, more that four days, in violation of the rules. Asked by Sameel Jaafar, for the defence, if it was true that other investors managed to reserve plots for 10 to 12 days at Mizin, SK agreed that it was.
SH was granted bail at the end of yesterday's hearing.