Judgement in $500 million DIB fraud case on April 27

Posted by on Mrz 28th, 2011 and filed under Islamic Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Dubai Islamic Banks lawyers stated in their closing arguments in court that the loan facilities, which allegedly led to a $500 million fraud, would not have been given had it not been for the approval of two Pakistani former bank executives on trial.
They presented a list of claims to the court. However, the defence team, on behalf of the five men accused of defrauding the bank of more than $500 million (Dh1.8 billion), argued in the Court of First Instance that their clients were paying back the loans they took in instalments.

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