UAE ex-Minister pleads not guilty

The UAE’s former minister of State for Finance and Industry, Dr. Mohammed Khalfan bin Kharbash, yesterday, appeared in the Dubai Criminal Court of First Instance and pleaded not guilty to charges of embezzlement.

Kharbash, the former chairman of Dubai Islamic Bank (DIB), was charged with two counts of causing AED56.6 million worth of damage to the bank.

He was also charged with two charges of causing damage worth AED53.5 million to Deyaar, the property affiliate of the bank. The Dubai government holds a 30 percent stake in DIB while the bank holds a 45 percent stake in Deyaar. A composed Kharbash, who is on bail, denied the charges. His lawyers refused to speak to the press.