The Prosecution at the Court of Cassation has rejected the compensation case of Abed Al Boom the owner of Abed Al -Boom Management and Development Properties, against the government panel composed of Dubai Police, Economic development department and financial control represented by the Attorney General.

 

 

The Chancellor Abdullah Mohammed Ahmad Kleib, Chief prosecutor at the Civil Prosecution announced in a press conference at Dubai Public Prosecution that the claim is cancelled for  AED 1.1 Billion. The Chancellor Kleib claimed that:” The final ruling to close the case for the interest of all the parties in all of litigation stages, including the first judge and appeal.”

 

 

Mr. Abed Al Boom was arrested in July 2008 because of the “ conservative phantom” issue between Dubai And Abu Dhabi,  he has in charge to fraud AED 900 Million, and issued 3700 fake cheque.

 

 

Last August the

Dubai Court

decided to release him on bail. The defense chiefs have requested to form a judicial committee to settle Al boom's financial status, It will also have to get his financial statement from the Financial Centre and determine the amounts that he has taken from the investors and the amounts that he gave to them.

 

 

The judicial committee formed by Dubai Police, Economic development department and financial control referred Mr. Abdel Al Boom and his partners to Dubai Public Prosecution.

 

 

According to the ruling, The court did not find any violations, considered that the seizure of assets ownership, and its passport it's an important procedures to preserve the depositor's funds. The plaintiff admitted violating the laws and regulations that prevent this kind of investment without any authorities.

 

The Chancellor Kleib said : “The court had refused Al Boom case last March, while the court of appeals support the ruling last june, he mentioned, the ruling dose not conflict with the judicial committee which was formed by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to settle the financial status of Abed Ramadan Abdullah Saeed Al Boom.

 

 

He added: Mr. Al boom has revealed 14 properties, but it turns out later that he has another 11 properties in Dubai and other emirates which is total of 25 properties, he said that after the inventory of his assets, the court will cover claims due to the government and the other adversarial among depositors.

 

 

The Chancellor Kleib explained : “ It has been proved according to the case documents that Mr. Al Boom didn't retain annual budget, or auditing, in addition all the cash flow and profit calculating of the depositors has been made as per Al Boom's decisions without any profit prediction or documented financial budget”

 

 

“ Mr. Al boom claimed in latest statement that the  total money received from depositors is AED 52 Million, at May 2008 he sold a property cost AED 13 Million and rent others cost AED 20 Million.

 

 

 
 In Case, the statement is right, will enable him to settle two-thirds funds,as well his announcement about woodworking and auto parts trade, which did not materialized in 2007 prior to the judicial committee's procedures.