Showing posts with label AlBoom. Show all posts
Showing posts with label AlBoom. Show all posts

Sunday 22 August 2010

Sunday 6 June 2010

Al Boom Holdings

Here's an account from The National of the trial of the head of the Al Boom Holdings.

An Emirati property magnate spent almost Dh960 million of his investors’ money on parties, boats and luxury cars, a special fraud tribunal heard yesterday.

Abid al Boom, the chief executive of Al Boom Holdings, and his six co-defendants cheated some 3,700 investors out of their savings.

Only one per cent of the embezzled money was recovered, the prosecutor, Younis al Baloushi, told the tribunal.
As reported in the article, Mr. Al Boom's counsel did not offer a defense.