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Four Sama Dubai execs arrested |
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Thursday, 21 August 2008 19:33 |
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Four senior executives at state-owned developer Sama Dubai have been arrested and are being questioned by public prosecution, the latest in a string of executives caught up in the Dubai government's crackdown on corporate corruption. One of those being questioned is Abdulsalam Almarri, CEO of the troubled Lagoons project, newswire Zawya Dow Jones reported on Thursday, citing documents it has seen. According to Zawya Dow Jones all four have been detained on allegations of bribery and mistrust.
Sama's Lagoons project has been beset by delays - units were supposed to be completed from December 2007 - and this week sub-developer Schon Properties announced full refunds for some investors in the 3 billion-dirham ($816.7 million) project. The arrests at Sama come just a week after Nakheel confirmed one of its former employees is being quizzed over bribery allegations and Tamweel's biggest shareholder Istithmar World said the mortgage lender's former chief executive and head of investments had also been detained. Four Sama Dubai execs arrested - report - Real Estate - ArabianBusiness.com |
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