Bank's board ignored fraud, chief says

Dubai Islamic Bank’s chief executive testified in the Criminal Courts yesterday that the bank’s board of directors were “indifferent” when findings of fraud were brought to them in 2007.

Abdullah al Hamli told Judge Hamad Abdel Latif that no immediate action was taken on the allegations. Seven people are charged in the case, two of whom are former employees of the bank. All have pleaded not guilty.

“I was present when the findings of the fraud claims were presented to the board of directors,” Mr al Hamli said.