Former Tamweel chief granted bail in fraud case

A former chief executive of the home finance company Tamweel and his four co-defendants were granted bail yesterday in their Dh42 million (US$11.4) fraud trial.

The Dubai Criminal Court of First Instance granted bail to AS, 38, the former head of Tamweel and deputy chief of Istithmar World, a part of the investment company Dubai World; AN, 44, AS’s former deputy at Tamweel; WG, 57, managing director of Vakson Freehold Properties; RR, 54, a Ukrainian; and MY, 40, a Pakistani.

The two former Tamweel executives and their three alleged co-conspirators are accused of defrauding the Dubai Commodities Centre and the Dubai Maritime City of about Dh42m through illegal commissions and fraudulent transactions. All have denied the charges.