Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has issued a decree to liquidate the assets of the Emirati businessman Abed Al Boom.

The news agency WAM reported that a judicial committee will be formed to 'take charge of the debtor Abed Ramadan Abdullah Saeed Al Boom's assets.'

Al Boom, who owned Abid al Boom Management and Development Properties and Al Boom Holdings, is accused of defrauding up investors out of AED847m ($230m).