Former Deyaar chief must see out 15 year prison term, court rules

DUBAI // The former Deyaar chief executive, Zack Shahin, and three other men will each have to see out their 15 year prison terms for theft and fraud valued at more than Dh56 million in relation to a land deal in 2007 after the Dubai Court of Appeal upheld their sentences.

A Dh56 fine against the four Americans was upheld, as well as an order to repay the same amount to the Dubai property company, while five other men who were charged with aiding and abetting were found not guilty by the criminal and appeal courts.

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Today in court:

■ 'Fake investor tried to con Dubai single mother into putting up Dh200,000 for sham business'

■ Men 'bribed port chief with Dh100 million to allow red sandalwood into UAE'

■ Dubai security guard who bit husband and wife to be deported

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The businessman, 56, and eight other men including three former Deyaar executives 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 prosecution submitted original documents notarised from the Ministry of Foreign Affairs in Washington DC as well as UAE authorities, which include details of the activity of the two Escrow accounts of American National Title Company in Amegy Bank of Texas during December 2007 to which the land plot’s price was transferred.

The documents included a report issued by the 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 attempted to flee the country but was arrested in Yemen and brought back to the UAE.

Shahin and the three other Americans will be deported after serving their prison terms.