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Dubai government crackdown on corruption

Posted: 18 August 2008

The government of Dubai vowed to crackdown on corruption amid a series of probes into alleged financial irregularities in high-profile firms.

"The government will continue to have a strict stance against all aspects of corruption and will take legal measures against violators in both the public and private sectors" public prosecutor Issam al-Humaidan said in a statement.

His warning was backed by the chairman of leading real estate company Deyaar Development, whose former chief executive is being held for alleged fraud.

"Ensuring the upholding of the very highest standards of corporate governance and transparency is critical to the long-term success of both companies and governments," Nasser bin Hassan al-Shaikh said after his company announced the appointment of a new chief executive.

According to press reports, several people are being detained or questioned over alleged fraud in a number of major companies. They include leading government-controlled property developer Nakheel, one of whose executives is held on bribery charges.

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