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Deyaar former CEO fails to appear in court over charges

The former CEO of Deyaar, Zack Shahin, did not appear in court on Tuesday during a hearing over charges of power abuse and fraud, which was the second hearing in cases against him since his deportation back from Yemen to the UAE.

The US citizen has been sent back to jail once the UAE law enforcement authorities held him in their grip following his sneaking into Yemen from where he tried to flee to the US. His bail has been cancelled ever since.

Tuesday’s hearing in the Court of First Instance was in a case which was the latest to be levelled against the former CEO of the real estate developer. At the hearing, the prosecution presented a modified arraignment sheet and technical evidence relevant to the case.

According to the case, 47-year-old Shahin 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 head of the legal affairs section (Malaysian), 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 fugitives).

The representative of the private firm collected Dh56.3 million from Deyaar, a price which was above the real market value of the plot, with the help of a purchase deal with distorted facts submitted by Shahin.

Shahin had been detained in Al Aweer Central Prison for more than four years in connection with four cases of fraud involving more than Dh300 million and misuse of powers.

mary@khaleejtimes.com