Wednesday 21 October 2009

Dubai judge grants bail to Nakheel executives

After nine months in custody, two Nakheel executives at the centre of the Waterfront fraud trial were granted bail yesterday and will be released after posting bonds of Dh1 million (US$272,000) each.

MJ, the chief executive of the Dubai Waterfront project, and ML, his deputy, had been in custody since January 25. They were accused of defrauding the Australian development company Sunland Group, obtaining Dh44 million in illegal profits and giving false information about the ownership and value of a plot of land.

Judge El Saeed Bargouth granted bail after lawyers for the two Australians argued in Dubai Criminal Courts yesterday that they had been in custody long enough and there was not enough evidence to detain them further.

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