x Abu Dhabi, UAEMonday 24 July 2017

Lawyer: al Boom investors will be repaid regardless of fraud verdict

Investors who were allegedly defrauded of Dh960 million (US$261.5m) last year by the property magnate Abid al Boom will be reimbursed regardless of verdict.

DUBAI // Investors who were allegedly defrauded of Dh960 million (US$261.5m) last year by the property magnate Abid al Boom will be reimbursed, regardless of the verdict in that case, his lawyer said yesterday. The chief executive of Al Boom Holdings is facing fraud charges in a case that has affected some 3,700 investors. He was found guilty in a separate Misdemeanours Court trial involving a Dh1.13m property rental cheque on Monday and sentenced to one year in jail.

"Investors have been worried about their monies if al Boom is acquitted," said the defence attorney Hassan al Raisi. "They should not be concerned as a judicial committee is liquidating all the assets of Mr al Boom and repaying each investor." The group was set up in August, after Sheikh Mohammed bin Rashid, the Vice President of the UAE and Ruler of Dubai, ordered al Boom's assets liquidated. "The committee is working very hard, with our assistance, to finalise the repayments [and] that's why it has been going on for so long," Mr al Raisi said.

Al Boom's defence team has appealed the Misdemeanours Court ruling. The fraud case is being reviewed by the Dubai Criminal Court of First Instance under a specially appointed judge, El Saeed Bargouth. @Email:amustafa@thenational.ae