A businessman was Tuesday acquitted of issuing five cheques worth Dh122.5 million that bounced, to an Islamic housing finance company for the purchase of 20 land plots.
Dubai A businessman was yesterday acquitted of issuing five cheques worth Dh122.5 million that bounced, to an Islamic housing finance company for the purchase of 20 land plots.
The Dubai Appeal Court overruled the primary judgement against the Emirati businessman, A.T., and absolved him of any malicious intention when he signed the cheques.
"The court cancelled the primary judgement and acquitted A.T. The court also rejected the prosecutors' appeal and dismissed the civil lawsuit lodged by the claimant in civil right [the Islamic housing finance company]," Presiding Judge Mahmoud Fahmi Sultan said in Courtroom 17 Tuesday.
A.T.'s acquittal came after his lawyer Samir Jaafar argued before the court that his client did not have any criminal intention when he issued the cheques
"My client struck an agreement with the company and purchased 20 land plots for Dh371.5 million. He earlier paid Dh250 million, then paid the balance in form of five cheques worth Dh122.5 million," Jaafar said.
"Shortly after signing the cheques, A.T. discovered that the company had mortgaged the land plots for Dh2.7 billion to a local bank… When he issued the cheques he was not aware of the mortgage. We believe that the company obtained the cheques [using] deceptive methods, and which absolve our client of any criminal intention."
The Dubai Misdemeanour Court had earlier fined A.T. Dh30,000 for the bounced cheques. The judgement remains subject to appeal before the Cassation Court within 30 days.