Dubai's zero tolerance pledge on corruption

original source Arabian Business

The Government of Dubai will take strict and prompt action against all acts of corruption and bribery wherever they occur in the emirate, Dubai's Public Prosecutor said on Sunday.

Commenting on the recent questioning of employees of listed and public companies on suspicion of exploiting their positions to make illegal profits, he said: "The government will continue to have a strict stance against all aspects of corruption and will take legal measures against violators."

He said fighting corruption is at the top of the government's priorities.

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"Dubai Government follows a transparent and clear policy on such issues. There are strict directives to have zero-tolerance towards all aspects of corruption, bribing and taking advantage of official positions."

His comments came just days after Dubai mortgage lender Tamweel's former chief executive Adel Al Shirawi and head of investments were named as part of an investigation for alleged wrongdoing.

And Nakheel, the government-owned developer of manmade islands in the shape of palm trees, said on Friday one of its employees was under investigation on suspicion of bribe-taking.

Earlier this year, investigations began into alleged irregularities by executives at Dubai Islamic Bank, the Gulf Arab state's biggest Islamic bank by market value, and its affiliate real estate firm Deyaar.

The Public Prosecutor added that the results of ongoing investigations about the accused employees will be announced once they are complete.

"Any employee exploiting his position to make illegal profits will not have immunity. The strictness with which some violations that emerged in the recent past were dealt with, confirms the government's commitment to maintaining the highest global standards in fighting corruption and enhancing its achievements in the economic, financial and legislative fields," he said.

He added that corruption and bribery are some of the most important issues that obstruct development in the World.

"The government has created an ideal environment here, which is supported by a legal and legislative structure that depends on the best global practices.

"The government will continue this policy, which made it gain the confidence of business leaders throughout the region and the world. There will be no tolerance shown to anybody who tries to exploit his position to make illegal profits," the Public Prosecutor added.

Meanwhile, Marwan Bin Ghalaita, chief executive of the Dubai Real Estate Regulatory Agency (RERA), said on Sunday that investigations into financial irregularities at property developer Nakheel and mortgage lender Tamweel are a sign that transparency in the real estate sector is improving.

“I think this is a good thing for the market,” Bin Ghalaita told radio station Dubai Eye.

He disagreed with this month’s Morgan Stanley report that claimed Dubai property prices could fall up to 10 percent in the next two years.

“The real estate market is very solid and the confidence is there,” he said.

The RERA head also said that companies need to educate their employees about the values and ethics of their business, as some of them come from countries where bribes are common in the industry and are seen as a form of commission. (Reuters)