UK businessman quizzed in Dubai Islamic bank probe

Published: Friday, 5 September, 2008, 08:42 AM Doha Time
Mr. Fitzwilliam is on the left. He is probably sorry he
got involved with selling out his soul for $$$$$$.
DUBAI: British expatriate businessman Arthur Fitzwilliam has been held and questioned by Dubai Police as part of an investigation into alleged financial wrongdoing at Dubai Islamic Bank.
In a phone interview with Zawya Dow Jones yesterday Fitzwilliam, who denies any wrongdoing, confirmed that he was questioned with regards to Dubai Islamic and then released by Dubai Police.
Dubai public prosecution records yesterday showed that Fitzwilliam was one of seven people who have been detained as part of the Dubai Islamic (DIB) probe.
Others include Omair Mooraj, the Middle East head of Islamic banking at US investment bank JP Morgan Chase and former employee of DIB, Charles Ridley, a Bahrain-based British banker and Ryan Cornelius.
A spokesperson at the British Embassy in Dubai said yesterday that it was “aware of the case and has offered Mr Fitzwilliam consular services.”
Fitzwilliam, who wouldn’t comment further on the police questioning, said he’d declined the British Embassy’s offer of help. He is the second British expatriate businessman known to have been involved in the DIB investigation.
Dubai Islamic said in June that the ongoing investigation wouldn’t impact the lender’s earnings after Rifat Usmani, its former vice president of structured finance, was detained.
The lender is 34% owned by UAE and Dubai government entities, according to
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