Former Deyaar chief Shahin’s 15-year jail term over Dh56m land deal upheld
DUBAI // Former Deyaar chief executive Zack Shahin and three others will have to see out their 15-year jail terms for theft and fraud involving more than Dh56 million.
The four were jailed over a 2007 land deal in sentences yesterday upheld at Dubai Court of Cassation.
A Dh56m fine was also upheld against the four men and an order to repay the same amount to the Dubai property company. Five other men had been found not guilty of aiding and abetting.
Shahin, a 56-year-old American businessman, and the other men, including three former Deyaar executives, had denied deceiving the company into paying an inflated price for a plot of land in Houston, Texas, in November 2007, and embezzling Dh56.3m from the deal.
On July 30, 2012, Dubai prosecutors submitted original documents that included details of two escrow accounts of American National Title Company at Amegy Bank of Texas during December 2007. The money for the plot was transferred to the accounts.
The documents also included a report issued by Dubai Financial Audit Department on May 16, 2012.
Shahin was arrested and imprisoned in 2008 during an investigation into financial irregularities while he was head of Deyaar. He went on hunger strike on May 14, 2012, and was released in July the same year on Dh5m bail.
He tried to flee the country but was arrested in Yemen and brought back to a prison. Shahin and the three other Americans will be deported after serving their jail terms.
( courtesy of TheNational )