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Deyaar ex-chief skips hearing in new trial
The former CEO of Deyaar skipped on Sunday the first hearing at the Court of First Instance in a new case that has been levelled against him by the Public Prosecution.
His lawyer told the court that his client was sick and receiving treatment at a local hospital and would submit a medical report in that regard.
The American ex-CEO of Deyaar, Z.S., walked out of jail late on Thursday after meeting his bail conditions and depositing Dh5 million and his passport and that of an Emirati guarantor at the court in another case.
In the new case, 47-year-old Z.S. allegedly abused his powers as CEO of Deyaar back in November 2007 and committed many irregularities and fraud by submitting to the Chairman of the Board a misleading feasibility study on the purchase of a plot in Houston, Texas, USA, causing Deyaar to lose Dh56.3 million in the price of the plot.
The case also involves five former Deyaar officials including the head of the legal affairs section (Malaysian), the finance manager (Pakistani), deputy head of the engineering department (Australian), director of the Department of international projects (Lebanese runaway) and the COO (Indian runaway).
It also involves the representative and the chairman of a private realty firm in the US (Both Americans and runaways).
With the help of a purchase deal submitted by Z.S. with distorted facts, the representative of the private firm collected Dh56.3 million from Deyaar, a price which was above the real market value of the plot. Z.S. is accused of dissipating Deyaar’s funds by proceeding in the deal while knowing Deyaar would incur losses.
According to prosecution records, he also facilitated for the firm’s representative to collect unearned profits totalling Dh51.4 million. Z.S. also facilitated for a private firm in the US $1.3 million in unearned brokerage commission an another firm $2 million in unearned commission for running the security account related to the land purchase.
He is accused of forging the feasibility study of the land purchase by preparing it with distorted facts and false data pertaining to the real market value of the plot. It included prices exceeding the real value by Dh51.4 million. The other former heads of departments at Deyaar are accused of helping and abetting Z.S. in the crime.
In the purchase contract, Z.S. claimed that one of the Americans on trial was the owner of the plot, which was untrue until December 2007, a date succeeding the deal signing. The other Deyaar ex-officials are accused of committing violations by not verifying the details of the purchase contract which led to Deyaar’s losses.
The ex-director of the Department of International Projects did not visit the US to inspect the plot and did not assess its real market value prior to the deal signing.
He was allegedly knowing its real value before the purchase. He was also aware of the commission that should have been paid to the broker.
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