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Sun 8 Jul 2012 07:23 PM

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Former Deyaar CEO 'may be bailed on July 10'

Zack Shahin's lawyer says bail amount is being deposited at court on Sunday - report

Former Deyaar CEO 'may be bailed on July 10'
Zack Shahin has been on hunger strike in protest at his detention. (Photo: www.freezack.com)

Zack Shahin, former chief executive officer of Dubai’s Deyaar Development, may be released on bail by July 10 after he obtained AED5m ($1.4m) as a guarantee, it was reported on Sunday.

Bloomberg reported that the bail amount is being deposited at the court on Sunday, his US-based lawyer Eric Akers said in a phone interview.

He told the newswire that an Emirati friend of Shahin, who is a US citizen, agreed to guarantee his presence in Dubai and both of them will surrender their passports to the authorities.

Shahin, detained under suspicion of corruption as part of a clampdown by authorities on financial wrongdoing n 2008, was arrested over alleged embezzlement by executives at Deyaar.

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

The American businessman, 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.

The men are mostly real estate developers who fell into debt when the emirate’s five-year property bubble burst in 2008 amid the global financial crisis.

The United States last month urged UAE authorities to release Shahin and deal with his case in a “transparent manner”.

Justice Slim 7 years ago

I do feel sorry for him. He must be so angry to have been arrested when so many of the others in the property industry walked away with born immunity.