Corporate corruption investigation widens in Dubai
22/8/2008 17:21
A senior official of Sama Dubai, a real estate company owned by the
government of Dubai is being investigated for allegations of corruption, local
newspaper Gulf News reported today.
Abdul Salam Al Merri, chief executive of
the Lagoons -- a real estate project by Sama Dubai, is the latest high-profile
business executive involved in the widening investigation into corporate
corruption in Dubai, the commercial and financial hub of the United Arab
Emirates (UAE).
"We just came to know that he has come under investigation,"
a source close to Sama Dubai was quoted as saying.
Sama Dubai so far has no
confirmation or denial of the reported investigation of Al Merri. The company
has nine projects under way currently at a total estimated value of 140 billion
dirhams (US$38.15 billion).
Earlier reports said that senior officials of two
leading companies in Dubai, Tamweel and Nakheel, were under investigation for
similar accusations.
Dubai's Public Prosecution issued a statement on Sunday
saying the government has a zero-tolerance policy against corruption.
The
cases of crackdown on corporate corruption have shaken investors' confidence in
the UAE, bringing down real estate indices down 2.48 percent and 4.17 percent in
Dubai and Abu Dhabi respectively yesterday.
Xinhua
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