http://online.wsj.com/article/SB122095360667014375.html?
mod=hpp_us_whats_news
Dubai Tamweel Executive Arrested
By MIRNA SLEIMAN
September 9, 2008 7:42 a.m.
DUBAI -- Abdullah Nasser Abdullah, deputy chief executive of Dubai-
based Islamic mortgage lender Tamweel PJSC, has become the latest
senior official drawn into corruption investigations in the emirate.
Dubai Public Prosecution said Tuesday that Mr. Abdullah Nasser was
being held along with others including Adel Al Shirawi, Tamweel's
former chief executive, in a case filed on Aug. 5 for
alleged "embezzlement and mistrust."
News of Mr. Abdullah Nasser's arrest sent Tamweel's shares lower.
They recently traded down 3.1% to 5.25 United Arab Emirates dirhams
($1.43) on the Dubai market. Dubai's benchmark index was up 1% at the
same.
A spokesperson for Tamweel confirmed that the company is aware of Mr.
Abdullah Nasser's arrest and plans to issue a statement on the matter.
Mr. Abdullah Nasser adds to a growing list of officials at Dubai
companies who have been arrested in a series of corporate
investigations in the emirate, the Persian Gulf boom town that's
pitching to become an international financial hub to rival London,
New York and Hong Kong.
Tamweel said Aug. 21 that the investigation into the activities of Al
Shirawi and its former investment head, Feras Kalthoum, wouldn't
affect the company's profitability and operations.
Dubai Islamic Bank PJSC, or DIB, owns a 20% stake in Tamweel.
Officials are investigating bribery allegations involving a former
vice president among others at DIB and an embezzlement probe
involving a former chief executive at DIB's real-estate affiliate
Deyaar Development Co.
Write to Mirna Sleiman at mirna.sleiman@dowjones.com
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