June 5, 2011After 21 hearings, Chris O'Donnell, the Australian chief executive of Dubai's major developer, Nakheel, came to the defence of his former colleagues Matthew Joyce and Marcus Lee.
Mr Joyce and Mr Lee are accused of profiting from the sale of land that had been earmarked for a colossal high-rise development, which was to include the futuristic construction known as the Atrium, but which has never got off the ground. In a very Australianstory, the two men are accused of deceiving the buyer of the plot, the
Gold Coast developer Sunland, and harming Nakheel, Dubai Waterfront's parent company.
Mr O'Donnell's testimony may be crucial in proving the sale and value of Plot D17 was approved by Nakheel's executive committee and there was no deception. Mr Joyce was Dubai Waterfront's managing director and Mr Lee its commercial manager.
What Mr O'Donnell said in court directly contradicted the Dubai prosecutor's claims that Nakheel lost millions as a result of the $60 million sale.
The drama began when Mr Joyce and Mr Lee were arrested amid the global financial crisis and the Dubai government's crackdown on fraud. Dozens of other senior executives were arrested and charged with fraud in
20The Australian men were locked in prison for nine months, and released in October 2009 once they each raised $295,000 bail. While Dubai police allege the Australian men profited from the sale of the land, testimony
from Mohammad Mustafa, of the Dubai government's Financial Audit Department, concluded that Mr Lee did not receive any money; nor did he benefit or gain from the transactions.
