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The chairman of Dubai Properties, a unit of Dubai Holdings, has been arrested on suspicion of acquiring illegal profits from property transactions, The National reported.
Dubai Holding announced on Saturday it has replaced the chairman of Dubai Properties, Hashim al-Dabal, with an acting chairman, Ahmad Bin Byat.
“Mr. Al Dabal is accused of abusing his position and earning millions in illegal profit,” Attorney General Essam Essa al-Humaidan told Bloomberg on Friday. “We are questioning him almost daily and al-Dabal indicated he is ready to answer questions without having a lawyer present.”
Al-Dabal was arrested almost two weeks ago on suspicion of fraud.
A spokesman for Dubai Holding said the company and its subsidiaries were committed to the highest levels of corporate governance.
“As such, we fully support the Dubai Government’s initiatives to uphold these standards. Any reported issues are now a matter for the appropriate authorities.
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