Dubai developer seizes 'second chance'

Jailed but cleared of fraud charges, he finds it difficult to rebuild reputation

[DUBAI] Dubai's boom-and-bust real estate market can land you at the wheel of a Rolls-Royce or behind bars. Kabir Mulchandani should know: He's experienced both.

Five years after spending 140 days in jail facing charges of fraud and embezzlement for which he ultimately was cleared, the chairman of developer Skai Holdings stands at a building site watching cranes start work on one of the company's three projects.

They will have a combined value of about six billion dirhams (S$2 billion) when completed.

"I guess the beauty of life is its uncertainty," said Mr Mulchandani, 42. "I went from making corporate deals, hanging out on a yacht and living in Emirates Hills to sharing a jail cell with eight...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to