US ex-CEO jailed 15 years in UAE for 'fraud'

Posted On Thursday, 02 June 2016 13:13 Published by
Rate this item
(0 votes)

A Dubai court has sentences Zack Shahin, a former CEO of Emirati property firm Deyaar, an American-Lebanese businessman to 15 years in prison over fraud.

 Zack_Shahin

A Dubai court has sentenced an American-Lebanese businessman to 15 years in prison over fraud and misuse of power in a property deal, local media reported Monday.

Zack Shahin, a former CEO of Emirati property firm Deyaar who has been in detention for more than eight years, was sentenced Sunday along with two others over a 56.3-million-dirham ($15.3-million) fraud, Khaleej Times reported.

The prosecution said Shahin, 51, had "misused his power as CEO of Deyaar back in November 2007 and committed irregularities and fraud", the paper said.

He was accused of submitting a misleading feasibility study to the company's board for the purchase of a plot of land in the United States, causing Deyaar to lose the $15 million, the paper said. The two other defendants, both Americans working for a private US realty firm, were also sentenced to 15 years in jail each but local media said they remain at large.

The court, which could not be contacted on Monday, acquitted five other Deyaar staff of complicity. Several fraud cases surfaced in the United Arab Emirates in the wake of the 2008 global financial crisis that hit Dubai's economy.

source" AFP

Last modified on Thursday, 02 June 2016 13:33

Most Popular

Residential sectional title sales again on the rise

May 27, 2021
Andrew_Golding_Golding_PropertyGroup
Over the past 15 years, the sectional title market in South Africa has become entrenched…

Ongoing property market uncertainty makes the right finance partner key to extracting value

May 26, 2021
Claire Denny
Results from the listed property sector in 2020 showed property values reducing by an…

Pick n Pay and Fortress co-invest in a super distribution centre development

May 26, 2021
Fortress_Pick_n_Pay
Fortress REIT announced that their biggest logistics development to date was signed with…

Exemplar REITail declares final dividend of 49.07 cps and announces 100% distribution

May 25, 2021
Mall of Thembisa
Rural and township retail specialists, Exemplar REITail, have declared a final dividend…

East Rand Mall will soon deliver the first phase of its major taxi rank upgrade

May 26, 2021
Phase 1 upgrade to the taxi rank at EastRand Mall
The first-phase upgrade of East Rand Mall taxi rank in the retail heart of Boksburg,…

Please publish modules in offcanvas position.