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Monday, November 2, 2009

Dubai Holding property unit head under probe

DUBAI: Dubai Holding's chief executive officer (CEO) has taken the helm of its property unit, the company said yesterday, after the division's chairman was ordered by a Dubai watchdog to face questioning over suspected wrongdoings.

Yesterday, an official at Dubai's financial audit department confirmed a report in state-owned newspaper Emarat Alyoum last Thursday that it questioned Hashim al-Dabal, chairman of Dubai Properties, over what it called financial irregularities.

Dubai Holding declined to comment when asked about the allegations. Its CEO Ahmad bin Byat, who was named acting chairman of the property unit, could not be reached for comment.

Dubai Holding reorganised its business into four groups in August: property, business parks, hospitality and investments, in a bid to deal with the economic crisis.

By Reuters


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