Dubai - Police detain former bank chief executive

By Bassam Za'za', Senior Reporter
Last updated: October 16, 2008, 22:15

Dubai: Sa'ad Abdul Razzak, a former chief executive of Dubai Islamic Bank, has been detained by Dubai Police for questioning for alleged links to financial irregularities involving the bank's real estate subsidiary, Deyaar.

Essam Eisa Al Humaidan, Dubai's Attorney General, told Gulf News that Abdul Razzak was detained at the beginning of this month after the interrogations revealed that he was allegedly involved in the Deyaar case.

Abdul Razzak, who was named last year as managing director of the Investment Corporation of Dubai -Dubai Government's investment arm - is the latest addition in a series of high-profile investigations that saw a number of senior officials being held for questioning, including former Deyaar chief executive Jack Shahin, who has been in jail for more than six months.

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Al Humaidan refused to give the names of other suspects who have been arrested for their alleged involvement in Deyaar's fin-ancial irregularities.

Dr Habib Al Mulla, of Habib Al Mulla Co Advocates and Legal Consultants, told Gulf News that the Dubai Public Prosecution has not pressed charges against his client Abdul Razzak.

"In terms of charging my client, the public prosecution's stance has been indistinct... my client's financial transactions, which are subject to questioning, are legal and he didn't commit any financial irregularity. Abdul Razzak's situation is also legal as far as we are concerned. He has dismissed all alleged accusations," said Dr Al Mulla who confirmed that his client has not been charged with embezzlement or breach of trust.

Deliberating on his client's detention, Dr Al Mulla said, "He has been detained for the past two weeks over what the interrogators have described as a suspicious business deal... however, we strongly believe that Abdul Razzak is innocent and it was a clean and legal deal."

Dr Al Mulla who is also representing Adel Al Sherawi and Firas Kalthum, who were also arrested for their involvement in a similar case, said, "We respect what the public prosecution does but we are firmly confident that our client didn't commit any criminal act."