IslamicFinance.de

The Dubai Court of Appeal maintained a lower court’s verdict sentencing four businessmen and two former bank executives to ten-year imprisonment and payment of Dh1.8 billion in fine jointly for swindling Dubai Islamic Bank.
The appellate court panel, presided by Judge Moustapha Shinawi, supported all aspects of the primary conviction of the defendants in the Dh1.8 billion fraud case (more than $500 million).
The verdict could be appealed at the Court of Cassation in term of 30 days.
According to the prosecution records, three other defendants succeeded to defraud the DIB of more than $500 million.