x Abu Dhabi, UAEWednesday 26 July 2017

Property mogul given three years for bad cheques

The property magnate Abid al Boom has been sentenced to three years in jail after being found guilty of issuing two bounced cheques totalling Dh5.2m.

DUBAI // The property magnate Abid al Boom has been sentenced to three years in jail after being found guilty of issuing two bounced cheques totalling Dh5.2million (US$1.4m). The judgment comes in addition to a previous one-year jail term in a case involving a bounced cheque worth Dh1.1m. Al Boom, 41, issued the most recent bad cheques to Dubai Islamic Bank and Ras al Khaimah Bank, the Dubai Misdemeanours Court found.

The chief executive of Al Boom Holdings is also facing a fraud charge in a case affecting some 3,900 investors after he allegedly defrauded them of Dh960m. Al Boom, his brother, a Malawian businessman, an Egyptian accountant and three female Somali administrators, all from Al Boom Holdings, are involved in that case. All of Al Boom's assets were liquidated by a special judicial committee last year after Sheikh Mohammed Bin Rashid, Vice President of the UAE and Ruler of Dubai, issued a decree to that effect.

The fraud case will be heard on June 6, when public prosecutors and the lawyers involved in the case will present their closing arguments. The presiding judge in the case, El Saeed Bargouth, has also asked for the liquidation committee appointed by Sheikh Mohammed to present its findings to court at that time. amustafa@thenational.ae