Former Deyaar CEO faces new criminal charges

Bailed Zack Shahin hit with new charges over alleged embezzlement in 2007 US land deal
Former Deyaar CEO faces new criminal charges
Zack Shahin had previously been on hunger strike in protest at his detention. (Photo: www.freezack.com)
By Claire Valdini
Mon 16 Jul 2012 10:35 AM

Zack Shahin, the former CEO of Dubai property developer Deyaar, is facing new charges relating to a US land deal, local media reported.

Shahin, who was last week released on bail following four years in prison, was on Sunday accused of deceiving his former employer into paying inflated prices for a plot of land in Houston, Texas in November 2007 and embezzling AED56.3m (US$125m) in the process.

Dubai Court of First Instance's also referred a separate case of alleged bribery and corruption involving Shahin and a former government minister to the public prosecution for new information. A verdict had been expected on the case on Sunday.

US businessman Shahin was originally detained in 2008 under suspicion of corruption as part of a clampdown by authorities on financial wrongdoing. He was arrested over alleged embezzlement by executives at Deyaar.

He later became the target of other investigations into alleged fiscal wrongdoing at the company.

Shahin, who has denied any improprieties, was one of several expatriates jailed in Dubai on hunger strike in protest against the lengthy prison sentences given to them for financial crimes.

After more than four years in jail awaiting trial, Shahin began going without food on May 14 to draw attention to his case.

Shahin began eating again last week after authorities agreed to set bail for his release. He was required to post AED5m bail and surrender his passport along with that of a guarantor to secure his pre-trial release.

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