Financial Times FT.com

Dubai fund chief held as graft probe widens

By Simeon Kerr in London

Published: August 14 2008 18:41 | Last updated: August 14 2008 18:41

Dubai has widened an anti-corruption investigation to include Adel Shirawi, vice-chairman of Istithmar World, one of the government’s investment funds, and a former chief executive of Tamweel, the home finance company.

The detention of such a senior official highlights efforts by the authorities to root out corruption in state-linked enterprises working in the emirate’s booming property sector. But while police have detained some suspects for five months, public prosecutors have yet to proceed to trial.

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