The complainant insisted they used his money to build a five-star hotel in the emirate, but failed to deliver on their promises
The four were acquitted after an investor accused them of stealing Dh200 million.
The complainant submitted a report that his money had been confiscated by his fellow nationals. According to his statement, he agreed to set up a company and build a five-star hotel in Dubai with one of the defendants, his friend. He said this was because his friend had a Western nationality and could travel between countries more quickly. However, even after several years, the agreement has not been maintained.
The investor submitted documents proving he was the owner of the company and the hotel, as well as an account statement showing he transferred money to a company run by his friend.
The friend’s lawyer said his client did not receive money from investors and that his client was the true owner of the company. He also said that the friend was kidnapped by the investor and forced to sign a waiver from the hotel and the company.
Lawyers called on the court to refer investors’ complaints to accounting experts to ensure the authenticity of the remittances.
The court commissions a tripartite committee of the Expertise and Dispute Resolution Division to examine objections raised by the parties. The committee filed its report in which it concluded that the company’s memorandum and business license, as well as the proposed hotel, were owned by the defendants.
The Dubai Criminal Court acquitted the defendant and other defendants, one of whom was his wife, of confiscating and wasting investors’ funds.