Istithmar Suspends Vice Chairman, CFO Amid Embezzlement Probe

By Glen Carey

Sept. 14 (Bloomberg) -- Istithmar World, the Dubai investment company that manages more than $10 billion, suspended its vice chairman and chief financial officer after Dubai police detained them last month for alleged embezzlement at their previous jobs.

``Istithmar World confirms that Adel Al Shirawi has been suspended from the position of vice chairman of Istithmar World and Feras Kalthoum has been suspended from the position of chief financial officer of Istithmar World,'' the company said today in an e-mailed statement.

Al Shirawi, a national of the United Arab Emirates, is being investigated for alleged embezzlement and mistrust while employed as the chief executive of Tamweel PJSC, the U.A.E.'s biggest mortgage provider, Saleh Hamed, head of Bur Dubai police, said Aug. 14. Kalthoum, who was also detained on embezzlement charges, was Tamweel's former head of investments.

Al Shirawi has also been removed as a board director of Istithmar World, according to the statement.

To contact the reporter on this story: Glen Carey in Dubai at gcarey8@bloomberg.net.