UAE jails ‘fraud’ US ex-CEO for 15 years

Arab News - - INTERNATIONAL -

DUBAI: 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 AED56.3 mil­lion ($15.3-mil­lion) fraud.

The pros­e­cu­tion said Shahin, 51, had “mis­used his power as CEO of Deyaar back in Novem­ber 2007 and com­mit­ted ir­reg­u­lar­i­ties and fraud,” said a press re­port.

He was ac­cused of sub­mit­ting a mis­lead­ing fea­si­bil­ity study to the com­pany’s board for the pur­chase of a plot of land in the US, 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 UAE in the wake of the 2008 global fi­nan­cial cri­sis that hit Dubai’s econ­omy.

NO LETUP IN AS­SAD BARBARITY: Civil de­fense vol­un­teers help a boy out of the rub­ble fol­low­ing an at­tack by forces of Pres­i­dent Bashar As­sad in the Tariq Al-Bab neigh­bor­hood in Aleppo. (AFP)

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