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Corruption inquiries total Dh3.6bn

More than a year ago, Dubai quietly launched a wide-ranging anti-corruption investigation to revitalise investor confidence in the emirate.

The results of the operation so far, revealed to The National, are staggering: 11 investigations or court cases are under way; 34 executives are either in court or on their way there; and Dh3.58 billion (US$950 million) has allegedly been stolen or used as bribe money, according to files from public prosecutors that give the first overview of the whole operation.

Since March 2008, investigators appointed by the Dubai Government have been looking into executives from some of Dubai’s leading real estate and financial firms, a move acknowledged by the Government for the first time a year ago this week. In an online question-and-answer session earlier this year, Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, said the reason was simple: “No one in the Emirates is above the law and accountability.”…SOURCE

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Tags: Accountability, Answer Session, Bribe Money, Corruption Investigation, Court Cases, Dubai Government, Emirate, Emirates, Inquiries, Investigations, Investigators, Investor Confidence, Leading Real Estate, Mohammed Bin Rashid, Public Prosecutors, Question And Answer, Ruler, Uae, Vice President