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Nakheel executives granted bail in $11.9m fraud case
- United Arab Emirates: Wednesday, October 21 - 2009 at 08:55
A Dubai judge has granted bail to two Nakheel executives who have been jailed for nine months after they were accused of $11.9m fraud, the National has reported. Matt Joyce, managing director of the Dubai Waterfront development, and his deputy Marcus Lee, are accused of defrauding the Australian development company Sunland Group, obtaining illegal profits and giving false information about the ownership and value of a plot of land. A judge granted bail after lawyers for the two Australians argued in Dubai Criminal Courts that they had been in custody long enough and there was not enough evidence to detain them further. The two executives will be released after posting bonds of Dhs1m ($272,000) each.
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StaffWednesday, October 21 - 2009 at 08:55 UAE local time (GMT+4)
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