Hashim Al Dabal, chairman of Dubai Properties LLC has been arrested on suspicion of embezzlement at the company, the emirate’s attorney general said.
“Mr. Al Dabal is accused of abusing his position and earning millions in illegal profit,” Attorney General Essam Essa al-Humaidan said in a phone interview today. “We are questioning him almost daily and Mr. Al Dabal indicated he is ready to answer questions without having a lawyer present.”
Last year, Dubai began an investigation into corruption in real estate companies, which benefited from surging demand after foreigners were allowed to buy property for the first time. Several officials were arrested, including Zack Shahin, former chief executive officer of the emirates’ second-biggest property developer, Deyaar Development PJSC, and Adel al-Shirawi, former CEO of mortgage lender Tamweel PJSC.
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