Posted inReal Estate

Ex-Deyaar CEO sentenced to 10 yrs in jail

Developer who skipped bail in 2013 was accused of taking bribes from a contractor

Zack Shahin, former CEO of real estate firm Deyaar.
Zack Shahin, former CEO of real estate firm Deyaar.

Former CEO of Dubai developer Zack Shahin was sentenced to 10 years in jail for abusing his position, Gulf News reported on Wednesday.

The Dubai Appeal Court convicted 49-year-old American-Lebanese of taking bribes of up to AED20 million ($5.4 million) from Thermo, a Canadian construction company, so it could secure lucrative tenders with the developer.

In 2013, Shahin was sentenced to 15 years in jail, while three others were each given sentences of 10 years for their part in the tender scam.

In addition to the jail terms, Shahin and the three fellow defendants, who were not present and sentenced in absentia, were ordered to jointly pay a fine of AED30 million and repay the same amount.

Shahin’s original 15 year sentence was overturned in March and referred back to the courts.

Granted bail in 2013, Shahin fled the country but was later recaptured in Yemen.

The sentence can be appealed again for up to 30 days. The case is one of several against the former developer.

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