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

Equites Property Fund to list on A2X

Jun 25, 2019
ANDREA TARVENA
Equites Property Fund Limited has been approved for a secondary listing on A2X Markets…

McCormick Property Development Celebrates the Opening of Katale Square

Jun 29, 2019
 JASON MCCORMICK
McCormick Property Development celebrated the launch of its 66th development with the…

New standard bank deal will make it easier for self-employed professionals to qualify for the mortgage bonds

Jul 03, 2019
 STANDARD BANK
Ever since the tightening of credit rulings in the South African economy which followed…

Hyprop reduces exposure to Africa and provides pre-close update

Jun 29, 2019
MORNE WILKEN
JSE specialist shopping centre REIT, Hyprop, today announced progress on its strategy…

Twin City to develop new R230m mall in Vryburg, North West

Jul 10, 2019
 TWIN CITY
The North West agricultural town of Vryburg is set to get its first enclosed shopping…

Please publish modules in offcanvas position.