It has just been revealed that a previous Bank Chief Executive has been given a jail sentence totaling three years for corrupt activities while in this position. The Bank in question is the Dubai Islamic Bank. He has also been fined a significant amount which is said to be in the region of $31 million US Dollars. This is the largest fine ever passed down for such an offence.
The man in question is known as Abdulrazak and he has been granted leave to appeal the conviction against him. Even before he was sentenced he still maintained his innocence to the corporate corruption charges. It has also been revealed that in February another court altered the charge Abdulrazak was convicted of from that of accepting bribes to inappropriately using his position in the Bank.
Abdulrazak had reportedly accepted a bribe for carrying out this action. It was revealed in court that this money was given to him regarding the purchase of a plot of land which Deyaar subsequently made a substantial loss on. The defendant’s lawyer in this case defended Abdulrazak by claiming that this land deal was transacted using accepted property value guidelines for this time and that this subsequent investigation was without any legal foundation.
It has also been reported that the severity of the sentence is part of a new initiative for longer sentences for such corruption cases to ensure this type of activity does not re-occur in the future.Paul Holdsworth, Staff Writer, Gulf Jobs Market News