DUBAI // Abed Al Boom, convicted in February of 3,695 charges of fraud and sentenced to 923 years and nine months in prison, was freed yesterday on bail while his appeal continued.
The Dubai Misdemeanours Court of Appeal granted bail after several guarantees were provided, including seizure of the passports of Al Boom, his wife, his adult sons and five Emiratis who would pay Dh500,000 if he missed a hearing without a valid excuse.
The bail application was submitted by the advocate Hassan Jumaa Al Ranteesi. Ali Al Falasi, Al Boom's defence lawyer, said the decision was expected.
Al Boom, an Emirati, has been found guilty of breaching the trust of 3,706 investors and embezzling Dh960 million.
Judge El Saeed Bargouth, who issued the verdict, acquitted him of 11 charges of fraud. Al Boom's five co-defendants, who included his brother and two women, were cleared of all charges.
Despite the long prison sentence, Al Boom might serve only 10 years in jail, the maximum under the UAE penal code when combined sentences add up to 20 years or more.
Al Boom spent investors' money on parties, boats and luxury cars. Only 1 per cent of the stolen money was recovered.
His defence had argued the charges violated a decree by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, stopping all proceedings against him. Judge Bargouth dismissed that argument because prosecutors charged Al Boom two months before the decree was issued.
The next hearing will be on November 11.
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Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
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