But he is the Deputy PM of the Government? so while he may not be a direct executive or shareholder he does have a vested interest in Etihad as a company. Let's be honest here SM has been in a position to inject cash into Etihad, hasn't he? now as long as he didn't inject that cash from ADUG then there shouldn't be an issue should there? although that is technically exploiting a loophole. In my opinion, what City is defending here is a technicality, whether they will win their appeal on that basis I don't know but let us all be sensible here the UAE has several big organizations that have strong links to the Government of which SM is the Deputy PM.
I don't doubt for one minute that SM has injected cash into Etihad but where that money came from is the problem along with the unraveling the complexity of UAE government business.