Former Deyaar CEO may Face 
Money Laundering Charges Too

DUBAI - Former CEO of Deyaar Zack Shaheen and others allegedly involved in embezzlement and fraud might also face the charge of money laundering, according to Dubai Attorney-General Essam Essa Al Humaidan.

By (Wam)

Published: Thu 26 Feb 2009, 12:47 AM

Last updated: Mon 6 Apr 2015, 1:33 AM

The investigation into the case is “almost complete”, he said on Monday, adding the charges against them include forgery, embezzlement, fraud and could also involve money laundering as the investigation has unveiled new evidence to this effect.

Current investigations have led to new evidence of the alleged illegal transfer of embezzled funds to some banks in several countries, including banks in Switzerland, Lebanon and the United States. The attorney-general said these financial institutions are in the process of being contacted officially to provide the necessary information ahead of referring the case to the courts.

A report by the Dubai Financial Control Department released last November includes information concerning Shaheen’s alleged embezzlement of Dh31.5 million. The total amount allegedly swindled by Shaheen and his associates in this case exceeds Dh98 million, according to the investigations to date.

Shaheen is still being held according to a court order pending his trial.

Al-Humaidan explained that the UAE laws allow the prosecution to hold suspects for up to 21 days but the prosecution also has the right to present details of the case to the courts to obtain an order to hold suspects for a month that could be renewed according to the requirements of the investigation.

He reiterated that all procedures of the UAE laws and international regulations governing charges filed against foreign nationals have been adhered to. He said the suspects are visited regularly by representative of their consulates, a right which, the attorney-general said, the suspects will always retain. He also added that Shaheen’s lawyer has been closely following all the legal steps taken in this case and has also been regularly visiting his client.

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