x Abu Dhabi, UAETuesday 25 July 2017

Former Tamweel executives granted bail

Five executives appealing their convictions for bribery and embezzlement are granted bail at their first appeal hearing.

DUBAI // Five executives appealing their convictions for bribery and embezzlement were granted bail yesterday at their first appeal hearing. In May, a former chief executive of Tamweel, A S, 38, and his Tamweel deputy, A N, 44, were sentenced to three years in prison. Additionally, a former Tamweel executive manager, SA, 40, a former Tamweel chief investment officer, F A, 28, and the CEO of Bonyan Properties, AA, were sentenced to a year in jail after being convicted of bribery and embezzlement by the Dubai Criminal Court of First Instance.

All five were also ordered to pay Dh51.7 million in fines and repayments. The executives were accused by public prosecutors in July of 2009 of making Dh44m in profits through illegal land deals involving company-owned properties.  The court will reconvene next month. amustafa@thenational.ae