The Dubai Court of First Instance in UAE, after a prolonged trial, was pleased to acquit Mr. Khalid Iqbal Siddiqui and a Dubai-based Pakistani businessman from false charges for insider trading.
United Bank Ltd. failed to produce any cogent evidence against both the accused, the court order states.
During the trial, the court appointed forensic financial experts belonging to Dubai's Ruler's Court. The experts probed the matter and found both the accused innocent. The financial experts found that the accusation by the bank was baseless as the said shares were not inactive in the market, and the prices of those shares also rose markedly allowing UBL to book profits on those shares.
The honourable court found that the testimony of the bank's witness was in contradiction to the facts found by the independent financial experts. UBL tried to object to the independent financial experts report, but the court order states that this was nothing more than objective controversy being stirred by the bank. The court was completely satisfied with the work carried out by the financial experts.