Court to prosecute former minister in Deyaar case

A court is scheduled to prosecute on Sunday a former minister for reportedly abusing his powers as Deyaar's board director and misappropriating Dh56.6 million, Gulf News has learnt.

The 52-year-old ex-state minister, M.K., has been charged with causing damage to Dubai Islamic Bank (DIB) and Deyaar worth Dh56.6 million and will be tried before the Dubai Court of First Instance.

The Dubai Government holds a 30 per cent stake in DIB; and the bank holds a 45 per cent stake in Deyaar.