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Mon 21 Apr 2008 10:10 AM

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Deyaar confirms two directors resign

Dubai property developer releases first quarter results amidst controversy surrounding former CEO.

Deyaar confirms two directors resign
UNDER PRESSURE: Deyaar is embroiled in controversy after its chief executive was detained on allegations of financial irregularities. (Getty images)

Dubai property developer Deyaar, which last week said its chief executive had been detained on allegations of financial irregularities, reported first-quarter profit of 202 million dirhams ($55.01 million).

The firm, whose revenue in the quarter hit 460 million dirhams, has accepted the resignation of two directors, it said in a statement late on Sunday, without giving a reason.

Former Deyaar chief executive Zack Shahin was detained and under investigation for alleged financial irregularities, the company and Dubai authorities said last week.

Deyaar said after the arrest that Shahin had resigned, without giving a reason.

At a meeting of Deyaar's board of directors on Sunday, members Hussein Hassan Mirza Mohammed Al-Sayegh and Sultan Ahmad Khalfan Al-Ghaith resigned, the company said, without explaining why.

Abdullah Ali Al-Hamli and Butti Abdulla Al-Jumairi replaced the two directors, Deyaar said. (Reuters)

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