Dubai affected by Saudia Arabia's campaign against corruption

Dubai businesses are feeling the effect of Saudia Arabia's recently announced anti-corruption campaign as share prices in real estate have slumped following the announcement of 49 Saudi princes, businessmen and officials accused of corruption. The list of those accused includes Prince Alwaleed bin Talal, a billionaire businessman who owns a global network of investments, who has been charged with money laundering, bribery, and extortion offences. Trading accounts of those accused have also been frozen at the request of the Capital Markets Authority, the Saudi government's financial regulatory body. The move follows a renewed anti-corruption focus by Prince Mohammed bin Salman, that began on November 4 2017 and has led to the arrest of more than 200 of the Saudi elite.

Three Dubai bankers cleared of accepting Dh37 million bribe

Three bank employees have been cleared of accepting bribes worth $10 million (around Dh37million) in return for forging bank documents through the form of facilities and security deposits. The alleged wrongdoing took place between June and November 2015, although the Court of First Instance has acquitted the three individuals of charges of accepting bribes, forgery and criminal complicity.   

Dubai Labour Ministry employees acquitted of forging over 20,000 labour transactions

Four employees of the Ministry of Human Resources and Emiratisation were accused of forging electronic labour transactions and taking bribes worth over $1 million. The prosecutors alleged that the employees had amended details of labour contracts between labourers and their companies or sponsors, in order to facilitate illegal transactions by a number of typing centres. The Dubai Court of First Instance sentenced each of the employees to three years imprisonment and subsequent deportation. On appeal, the employees were all acquitted due to lack of evidence, and this acquittal has recently been upheld by the Dubai Court of Cassation. The deportation orders on the three individuals have also been lifted.

Man jailed for forging his "business partner's" signature to sell company

An Emirati sponsor of a Dubai-based company forged the signature of its Pakistani owner on a document which he subsequently had notarised and used in the sale of the company. The Emirati told the Dubai courts that his actions had been authorised by the victim, who he claimed was his "business partner". However, the victim denied giving any authorisation for the sale of the company, and indeed was not aware of the sale until he was invited to an event which was also attended by the purchaser. The victim then checked the company's license and saw his name had been removed. The sponsor has been sentenced to two years' imprisonment, although it is not clear whether the company will be returned to the victim.