ArabianBusiness.com - Middle East Business News
Thursday, 12 December 2019 21:51 UAE time
Corruption Focus 2008

Former Tatweer VP arrested

Real Estate
Sami Al-Hashmi is latest senior exec to be detained amid investigation into corruption.

Former Dubai Islamic Bank head arrested
Banking & Finance
Deyaar corruption probe continues with arrest of Saad Abdul Razak.

Shahin may remain in custody until end of probe
Real Estate
Dubai attorney general says investigation into former Deyaar CEO still ongoing.

Taskforce set up for Dubai corruption probe
Banking & Finance
Police chief says more arrests could be made as special unit continues to probe firms.


TALKING CORRUPTION FOCUS

Corruption probe to test economy
Four police probes into execs at major real estate and financial firms have raised fears over a lack of regulation and transparency.

John Irish  

Blind justice
Dubai government's widening corporate corruption investigation is going to fully test the regional financial hub's justice system.

Rob Corder

HAVE YOUR SAY

Dubai has launched a crackdown on corporate corruption, with several high-profile figures questioned in the last few months. What impact do you think this will have on the emirate's economy?
Air Your Views

RELATED STORIES

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    Head of Tatweer unit is being held in police custody 'pending investigations', says Attorney General.


    Fraud in Gulf at 'alarming levels'

    Fraud costing the region billions of dollars every year, according to KPMG 2008 GCC Fraud Survey.


    Dubai Holding unit to take 32% stake in troubled Shuaa

    Dubai Banking Group to convert $408mn worth of bonds on Oct. 31, as planned. 


    Corruption drops across Gulf

    UPDATE 1: Report picks out Oman and Qatar as making improvements in stamping out corruption.


    Tamweel axes Al-Shirawi from board

    Move comes day after Istithmar suspended prominent business figure as vice-chairman.


    Istithmar suspends Al-Shirawi, Kalthoum

    UPDATE 2: Ex-Tamweel execs suspended, news sends shares in mortgage lender down 10%.


    Tamweel looks to shore up investor confidence

    Dubai mortgage lender says latest arrest will not affect finances as shares drop.


    Tamweel deputy CEO arrested

    UPDATE 1: Abdulla Nasser Abdulla detained by police in connection with 'ongoing investigation'.


    Dubai's deputy ruler calls for more transparency

    Sheikh Maktoum orders shake-up within government in bid to raise standards.


    Etisalat probe after $7.4mn 'stolen over two years'

    UPDATE 2: Company insists its procedures are robust, helped to uncover wrong-doing.


    Four Sama Dubai execs arrested - report

    Lagoons CEO Abdulsalam Almarri among those quizzed as probe continues.


    Tamweel says it's not under investigation

    Mortgage lender says corruption probe limited to former CEO and head of investments.


    Tamweel: Corruption probe will not hit profits

    Dubai mortgage lender remains on course for 80% profit growth - financial chief.


    Ex-Nakheel consultant quizzed in bribes probe

    Palm developer pledges its commitment to being open and transparent in business dealings.


    Minister vows to expose corruption

    Government official pledges to promote transparency, as Al Shirawi investigation continues.


    Wealth fund chief backs corruption probe

    Investment Corporation of Dubai CEO second business figure to do so in as many days.


    Deyaar backs Dubai corruption crackdown

    Chairman of developer, whose former CEO resigned amid fraud probe, pledges support.


    Dubai's zero tolerance pledge on corruption

    UPDATE 1: Emirate's public prosecutor promises strict and prompt action against offenders.


    Real estate arrests to hit UAE markets

    News that senior figures at Nakheel and Tamweel are being investigated likely to weigh on stocks.


    Nakheel exec in bribery scandal named

    UPDATE 1: Media reports say general manager of sales being questioned by police.


    Police arrest Adel Al Shirawi

    UPDATE 2: Tamweel says it is unaware of investigation into dealings of former chief executive.


    98% call for more transparency in real estate

    Arabian Business poll reveals widespread concerns about buying, renting in local markets.


    Property giant Nakheel launches staff audit

    Company's bid to 'ensure transparency and regulation of procedure'.


    Bank probe sparks calls for compliance

    Better bank compliance, transparency urged in wake of investigation into irregularities at Dubai Islamic.


    Senior JP Morgan exec detained in DIB probe

    Omair Mooraj second former Dubai Islamic employee caught up in fraud investigation.


    Dubai Islamic says financials unaffected by corruption probe

    Statement comes after reports former VP and six others under investigation.


    Former Dubai Islamic Bank exec detained

    Ex-vice president of UAE's largest Islamic lender questioned in fraud probe.


    Four developers under investigation

    Dubai's real estate watchdog probing firms for what appears to be non-delivery of projects.


    Deyaar seeks to reassure investors

    Chairman says 'incidents in question' occurred in past, already been reflected in financial disclosures.


    Fourth arrest confirmed in Deyaar probe

    No charges yet in case, more arrests likely to follow, prosecution source says.


SPOT POLL

Several big-name real estate and financial firms have been linked to Dubai's investigation into corporate corruption. What impact do you think this will have on the property market?

I think it will lead investors to stay away from buying property in Dubai and will have a negative impact on the market for some time to come.
I think it will cause investors to be more wary of buying property in Dubai and could cause a dip in the market in the short-term.
I think it will cause some investors to stay away, but not enough to cause a correction in the market.
Dubai's property market in booming and the investigations will not have any impact on prices.
What do you think? Have your say here...

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