The Dubai Public Prosecution has argued that funds belonging to Sama Dubai and those allocated for its Al Khayran projects are public funds as they belong to Dubai Holding.
In the first hearings yesterday of the retrial of defendant AM, acquitted of financial wrongdoings earlier by the Dubai Criminal Court in a case related to Sama Dubai, the Public Prosecutor's representative presented an argument, stressing the need to protect public funds.
The Public Prosecution has appealed against AM's acquittal in the case, which dates back to November 2008 when Dubai Criminal Court sentenced MM and NS, both Emiratis, to one year in prison and a combined fine of Dh358,811 for accepting bribes.
The prosecution said the verdict ignored a letter sent by the Dubai Ruler's Office on November 3, 2008, stating Dubai Holding was owned by the Dubai Government.
The representative argued the letter, sent by Mohammed Al Gergawi, said Dubai Holding funds estimated at Dh2 billion annually go to the Emiri account of the Ruler of Dubai and are used in education, health and infrastructure projects.
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