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White-collar crime rarely captures the imagination as easily as its garden-variety counterparts.It seems you have to bring down a bank, hide billion-dollar losses or at least plunder a pension plan in order to secure column inches alongside the murder du jour.Part of the reason is in the telling – after all, it’s unfortunately far easier to picture a grisly death, than it is to follow how the judicious use of special purpose entities might scupper a $111bn energy giant, or how one city whiz-kid with delusions of grandeur could blindside a 144 year-old Swiss bank with an alleged $75bn in unauthorised trades.However,
the summer of 2008 will be keenly remembered for a string of high-profile investigations into alleged financial irregularities by senior executives at both Dubai Government-owned and private entities.
If the public prosecutor’s suspicions are proved accurate, then His Highness Sheikh Mohammed Bin Rashid Al Maktoum’s drive for transparency – which is to be applauded – will have claimed its first scalps.
The summer of summonses began in April, and the announcement of probes into the activities of individuals at Dubai Islamic Bank (DIB) and its affiliate Deyaar.DIB’s former vice president for finance structure, Rifaat Othmani, was arrested as part of a fraud investigation on June 5. He and several other former members of DIB staff are being investigated, while the probe also led to the arrest of JPMorgan Chase’s senior country officer for the UAE, Omair Mooraj.At development firm Deyaar, meanwhile, four people have been arrested as part of a
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