Dubai business leader quizzed in property probe
A senior member of Dubai’s business and political elite has been caught up in an investigation into financial irregularities in the emirate’s property sector.
A government financial audit department report identifies Mohammed Khalfan bin Kharbash, former chairman of Dubai Islamic Bank and its real estate affiliate Deyaar, in connection with allegations of financial wrongdoing at Deyaar.
Zack Shahin, Deyaar’s former chief executive, and John D’Cunha, former operations director, are among a handful of ex-employees who could face trial as early as this month as the public prosecution finalises its case.
The official report sheds light on the year-long corruption investigation that has led to the detention of dozens of executives in state-backed companies linked to the Gulf business hub’s booming property sector.
The continuing inquiry, the most sweeping anti-corruption exercise in the emirate’s history, highlights the ruler’s determination to clean up the excesses of the seven-year property boom.