For the last three months, Marwa Harb's journey through intensive treatments has shown positive results
uae3 hours ago
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.
For the last three months, Marwa Harb's journey through intensive treatments has shown positive results
uae3 hours ago
Stunning win over American Tommy Paul sets up Italian Open title clash against against Alexander Zverev
sports4 hours ago
For most, these marketing calls are nothing but annoying distractions — for some, however, it's a job
uae4 hours ago
Pep Guardiola's all-conquering Blues go into the final day of the season on Sunday with a two-point cushion over the Gunners thanks to an eight-game winning streak
sports4 hours ago
The event connected students with global university representatives, parents, and guidance counsellors
kt network4 hours ago
Flagship carriers Emirates and Etihad have issued a statement as some flights in Munich were either cancelled or diverted
aviation4 hours ago
The adjustment applies to a section of the road extending from Ras Al Khor Road to Sharjah in both directions
uae5 hours ago
The actor had been depressed over the past couple of days, his father told the police
entertainment5 hours ago