In one of the emirate’s most high-profile trials, a Dubai court has found six of seven defendants guilty of defrauding an Islamic bank, sentencing them to 10 years in prison and imposing a collective fine of $1bn.
The defendants are expected to file an appeal against their conviction at the court of first instance over an alleged $501m fraud against the region’s oldest Islamic bank.
They are due to pay $500m in a fine and $500m in compensation to DIB, according to lawyers who saw the written judgment. The sentence handed down on Wednesday, which also includes deportation, comes after three years of detention for five of the seven defendants, two of whom have been found guilty in absentia. If upheld after appeal, the four defendants in custody will have to raise $1bn or face further detention.
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